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A drop came Oil prices By more than 7 percent to less than $ 40 a barrel for the first time since June, coinciding with the increase in cases Coronavirus Around the world, especially in India, Britain and Spain, which has undermined hopes for a regular recovery of global demand.
Observers say that the outbreak threatens hopes for a global economic recovery, which could reduce the demand for fuels Planes To diesel.
On Wednesday, Brent crude rose 29 cents, equivalent to 0.7 percent, to $ 40.07 a barrel by 1339 GMT, and US crude rose 57 cents, or 1.6 percent, to $ 37.33 a barrel, after dropping about eight percent in the previous session, and crude is trading. The measurement is near the lowest in three months, it said "Reuters".
Commenting on the outlook for the oil market, the Foundation said "Morgan Stanley": "Short-term oil market fundamentals appear weak, the recovery in demand is fragile, inventories and spare capacity are high, and refining profit margins are slim."
However, the Corporation raised its Brent price forecast slightly to $ 50 a barrel for the second half of 2021, amid a weak dollar and growing inflation expectations.
Regarding the reasons for the great decline in the oil market on Tuesday, the international expert in energy affairs, Anas Al-Hajji, explained that the first reason is due to the high floating stocks (oil in ships) in China, reaching about 90 million barrels.
And delivery time "energy" Al-Hajji said that there is another reason behind the decline in oil prices, which is the Chinese refineries importing large quantities of oil during the price collapse, but the demand for Chinese oil was less than it should be, which made it necessary to export it, which contributed to the increase in the supply of oil in international markets.
Among the factors also, according to Al-Hajji, the continuous decline in gasoline demand during the past three weeks, for unknown reasons.
Oil prices recorded their biggest decline this year due to the decline in global demand due to the paralysis that resulted from the imposition of quarantine measures, in order to curb the spread of the Corona virus.
Prices had risen again in the second half of this year, but fears of a second wave of the virus, after the stone was eased, impeded the recovery. "black gold".
Global oil stocks are still much higher than the rates of recent years, despite the withdrawal of stocks at a rate of about 1.6 million barrels per day in the last thirty days, they remain higher than last year’s levels by about 600 million barrels, according to "Morgan Stanley".
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A drop came Oil prices By more than 7 percent to less than $ 40 a barrel for the first time since June, coinciding with the increase in cases Coronavirus Around the world, especially in India, Britain and Spain, which has undermined hopes for a regular recovery of global demand.
Observers say that the outbreak threatens hopes for a global economic recovery, which could reduce the demand for fuels Planes To diesel.
On Wednesday, Brent crude rose 29 cents, equivalent to 0.7 percent, to $ 40.07 a barrel by 1339 GMT, and US crude rose 57 cents, or 1.6 percent, to $ 37.33 a barrel, after dropping about eight percent in the previous session, and crude is trading. The measurement is near the lowest level in three months, according to “Reuters”.
Commenting on the outlook for the oil market, Morgan Stanley said: “The fundamentals of the oil market in the short term appear weak. Demand recovery is fragile, inventories and surplus capacity are high and refining profit margins are slim.”
However, the Corporation raised its Brent price forecast slightly to $ 50 a barrel for the second half of 2021, amid a weak dollar and growing inflation expectations.
Regarding the reasons for the great decline in the oil market on Tuesday, the international expert in energy affairs, Anas Al-Hajji, explained that the first reason is due to the high floating stocks (oil in ships) in China, reaching about 90 million barrels.
The “Energy” website quoted Al-Hajji as saying that there is another reason behind the decline in oil prices, which is the Chinese refineries importing large quantities of oil during the price collapse, but the demand for Chinese oil was less than it should be, which forced it to export it, which contributed to the rise The amount of supply of oil in the world market.
Among the factors also, according to Al-Hajji, the continuous decline in gasoline demand during the past three weeks, for unknown reasons.
Oil prices recorded their biggest decline this year due to the decline in global demand due to the paralysis that resulted from the imposition of quarantine measures, in order to curb the spread of the Corona virus.
Prices had risen again in the second half of this year, but fears of a second wave of the virus, after easing the stone, impeded the recovery of the “black gold”.
Global oil stocks are still much higher than the rates of recent years, despite the withdrawal of stocks at a rate of about 1.6 million barrels per day in the last thirty days, they remain higher than last year’s levels by about 600 million barrels, according to Morgan Stanley.
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