Oil prices are under pressure from fears of withdrawing from strategic reserves

Oil prices are under pressure from fears of withdrawing from strategic reserves
Oil prices are under pressure from fears of withdrawing from strategic reserves
Oil prices are under pressure from fears of withdrawing from strategic reserves
Oil prices are under pressure from fears of withdrawing from strategic reserves
Oil prices are under pressure from fears of withdrawing from strategic reserves
Oil prices are under pressure from fears of withdrawing from strategic reserves

 Oil prices fell in the European market on Tuesday, to resume its losses that were temporarily halted yesterday, as part of the rebounds from the lowest level in eight weeks. With the aim of calming prices and curbing inflation.

 American crude fell by 1.3% to the level of $ 75.44, from the opening level at $ 76.44, and recorded the highest level at $ 76.57, and Brent crude fell by more than 1.1% to the level of $ 78.62 a barrel, from the opening level at $ 79.51, and recorded the highest level at $79.61.

When prices were settled on Monday, US crude gained 1.1%, after recording earlier in trading, an eight-week low at $74.79 a barrel, and Brent crude rose by 1.3%, after recording a level of $77.62, the lowest since October 1 the past.

A source in the administration of US President "Joe Biden" familiar with the situation said that the United States is expected to announce today, Tuesday, the withdrawal of an amount of crude oil from its strategic stockpile, as part of a plan it reached with major Asian energy consumers with the aim of reducing energy prices.

 It was reported that the OPEC Plus alliance may adjust its plan to increase oil production if the large consuming countries withdraw oil from the strategic reserves.

At a time when there is increasing talk of an increase in supply in the market, we find that global demand may receive a new shock about the developments of the spread of the fourth wave of the Corona virus in Europe.

Austria has become the first country in Europe to re-impose a complete closure to limit the spread of the Corona virus, which has renewed fears of the pandemic spreading throughout the old continent, which threatens to slow down the economic recovery and lower levels of fuel demand.

 And Germany, "Europe's largest economy", has warned that it may need to move into a state of complete lockdown to limit the spread of the fourth wave of Covid-19.

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