Urgent.. A crazy drop in oil prices and record unprecedented weekly gains

At the beginning of trading on Friday, March 15, 2024, oil prices are witnessing a noticeable decline in prices. On the contrary, during the week it is expected that oil will achieve gains of up to 4% during the week according to the positive report issued by the International Energy Agency. Below are the following lines: We review the most important details

Oil achieves weekly gains of about 4%

Weekly oil gains

The International Energy Agency issued a report stating the possibility of a 4% gain during the week, due to increased demand for oil in 2024, as well as an unexpected decline in US inventories.

On Thursday, the International Energy Agency raised oil demand forecasts for the fourth time after amending its forecasts in November. The reason for this is due to the attacks carried out by the Houthis, which had a direct impact on maritime transport movements in the Red Sea region.

Oil price movement

Oil prices are witnessing price movement at the beginning of trading on Friday, March 15, 2024, as follows:

During today’s trading, Brent crude oil witnessed a decline of 25 cents, in futures contracts, or 0.3 percent, at $85.17 per barrel, at 5:33 GMT, after the price of a barrel yesterday, Thursday, exceeded about $85 for the first time since November.

US West Texas Intermediate crude oil fell by 22 cents, or 0.3 percent, to $81.04.

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High demand for oil

Weekly oil gains

The International Energy Agency confirmed that demand for oil rose by 1.3 million barrels throughout the day, an increase of about 110 thousand barrels compared to last month, with the agency expecting a supply deficit after the decision to reduce production by OPEC members.

The agency also confirmed that US crude oil stocks decreased unexpectedly last week, with gasoline stocks declining despite increased demand.

The International Energy Agency expected a decline in oil production from non-OPEC countries, with oil supplies rising by 800,000 barrels per day and may reach 102 million barrels per day over the course of this year.

US oil inventories decline

Despite the increase in demand, the International Energy Agency stressed the decline in US crude oil inventories as gasoline stocks decline, and refinery operation rates rise.

Crude inventories also ended a successive rise, falling from 1.5 million barrels to 447 million barrels in the previous week.

Gasoline stocks also fell from 5.7 million barrels to 234.1 million barrels, equivalent to three times the expected decline of about 1.9 million barrels than expected.

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What is the current price of a barrel of oil?

The price of a barrel of Khan Brent reached about 84.03 US dollars, and the price of natural gas recorded about 1,663 US dollars.

Is there a difference between oil and petroleum?

Crude oil is known as petroleum, which is a liquid found from the earth.

How is crude oil formed?

It is possible that crude oil is formed from the remains of living organisms, whether animal or plant, especially marine organisms, after they are collected and sent to the bottoms of seas and oceans, and gradually transform into sedimentary rocks.

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