Oil prices fell in Friday trading, as several factors caused sharp price fluctuations, including geopolitical concerns, production cuts, global measures to curb inflation, and a rise in US oil production.
The price of Brent crude contracts fell by $76.53 per barrel on Thursday, before rising to $77.63.
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Oil prices rose earlier this week, as Brent crude contracts jumped by about 4.3% to $78.41 per barrel.
The decline in oil prices affects the countries that produce it, especially Russia and Saudi Arabia, and if oil prices remain low, this could lead to an increase in the Saudi budget deficit.
Due to the decline in oil prices and the Saudi budget deficit, Saudi Arabia resorted to borrowing in order to cover the existing deficit.
Today’s decline in oil prices comes amid fears that rising inflation in the United States will lead to a slowdown in economic growth, which may affect demand for oil.
Geopolitical concerns have also caused oil prices to continue to fluctuate, as the war in Ukraine continues to impact oil supplies from the region.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, meet later this month to discuss production levels in the second quarter of 2024.
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2024-01-04 21:26:01
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