Oil prices are heading towards their largest weekly loss in 3 months - 2/01/2024

[ronscarpa]

Oil prices are heading towards their largest weekly loss in 3 months

EconomyBreakingOil PricesWeekly Losses

 

2024-02-01 // 20:36

 

Shafaq News / Oil prices are heading towards their biggest weekly loss since early November as negotiations progress to reach an agreement to stop the war between Israel and Hamas in what may be a decisive step towards ending the conflict.

 

WTI rose above $74 a barrel on Friday, but remained down nearly 5% for the week. Brent was also on track for a weekly decline.

 

People familiar with the matter said that talks on a ceasefire are still in their early stages, and a breakthrough is not expected in the coming days.

 

Oil capped its monthly advance in January, following attacks on commercial ships in the Red Sea, but strong supply and concerns about demand from key consumers kept prices from rising significantly. The OPEC+ alliance indicated yesterday, Thursday, that it will adhere to production cuts this quarter.

 

OPEC reduced its daily oil production by 490,000 barrels last month, as the producer group and its allies embarked on a new effort to prevent a global glut and rising prices, according to a Bloomberg survey.

 

https://www.shafaq.com/ar/اقتصـاد/سعار-النفط-تتجه-نحو-كبر-خسارة-سبوعية-منذ-3-شهر

[NWGUY]

I don't mind the oil pricing going down some.  It is still a good profit for them, although higher is better, but it is good for the world not to have to pay those higher prices.  It shouldn't affect our investment at this point, unless it drops down below the $50's or $60's.   Eventually, I hope after our next election, that we get a President that will use our natural resources, and make us energy independent again!   

[md11fr8dawg]

55 minutes ago, NWGUY said:

I hope after our next election, that we get a President that will use our natural resources, and make us energy independent again!

Not if the next Prez has RAT as the last 3 letters of their party affiliation!