Oil prices fell on Friday on rumors of the use of strategic reserves in USA to reduce the value of crude.
Thus the barrel of North Sea Brent for January delivery it lost 0.92% to $ 82.17 in London on Thursday’s close.
The price of Brent this week moderated the upward momentum that it had shown in recent times, and ends this Friday with a decrease of 0.59% compared to the close of the previous Friday (82.74 dollars).
Meanwhile, in New York, the barrel of West Texas Intermediate (WTI) for December lost 0.98% to $ 80.79, after White House press secretary Jen Psaki declined to say whether US President Joe Biden plans to release oil from the Reserve Strategic Oil.
“Oil is in correction mode and the first key support is the psychologically important area of US $ 80 per barrel,” Phil Flynn, senior market analyst at Price Futures Group, told Bloomberg.
“The fear is greater than the reality of what the Biden administration can do to lower oil and gas prices,” he said.
During the week, both contracts yielded slightly.
The operators had in mind a possible intervention by the United States on their strategic reserves to respond to the insufficient supply of crude.
The potential release of a part of these reserves (SPR) “puts a heavy ceiling on the WTI”, estimated Han Tan, of Exinity, in dialogue with AFP.
For John Kilduff, of Again Capital, to achieve its objective, such an initiative should be taken “in coordination” with other countries to be effective.
With information from AFP and Bloomberg.
.
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
