Arabictrader.com – Crude oil prices continued their downward momentum in terms of trading at the end of this week, today, Friday; Where crude oil prices are heading to incur losses for the fourth week in a row; Amidst the warnings of many major global institutions, led by the International Monetary Fund, about the danger of the United States not reaching a solution to the debt ceiling crisis, which in turn may lead to a huge financial and economic catastrophe, and this will weaken the demand for crude oil by its largest consumer in the world, the United States.
On the sidelines of today’s trading, spot Brent crude contracts declined in a limited manner, by 0.27%, and recorded about $75.17 a barrel, in addition to a decrease in spot contracts for US West Texas crude by 0.39%, to reach $71.15 a barrel.
Crude oil prices fell during today’s trading, in light of growing concerns about weak demand for crude oil, amid growing expectations about the possibility that the largest consumer of crude oil in the world, the United States, will be exposed to a financial and economic catastrophe, if the United States does not reach a solution to the debt ceiling crisis, especially After the International Fund warned that the failure of the United States to pay the debt will have very serious repercussions, not only on the economic conditions in the country, but on a global scale, which may lead to weak demand for oil, and this caused a decline in oil prices.
In addition, crude oil prices witnessed a clear decline during today’s trading, due to optimism about Iraq’s resumption of crude oil export operations from the Kurdistan fields from the northern outlet through the Turkish port of Ceyhan, starting next Saturday, and this means that about 450,000 barrels of oil will be re-pumped. In the markets, which raised hopes about the increase in crude oil supplies in the markets, which had a negative impact on the levels of crude oil prices.
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On the other hand, we find that crude oil prices found some support during today’s trading, as it found some positivity after the statements of the US Secretary of Energy that his country will buy back crude oil to fill the strategic reserves again, once some sales end in June, and this raised investors’ hopes about Continued demand for oil by the largest consumer in the world, the United States, which limits the decline in oil prices.
As for other energy prices, gasoline contracts declined in today’s trading by 0.25% and reached $2.4515 per gallon, in addition to a limited decrease in heating oil contracts, by 0.71%, and settled near $2.3327. Likewise, natural gas contracts decreased by 1.05%, to record about $2.167 per million thermal units.
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