Oil prices dropped in the morning, rose in the afternoon
(4 years ago)Oil prices are moving up and down today as investors' assessments of the offer and demand vary from hour to hour under the impact of various information on economic developments in several countries and regions of the world and the EU officials' conflicting statements on the Russian oil embargo. After the drop trajector of the “ari [...]
After the crash trajector of the “black user” in the morning trade, he made a afternoon turn, strengthening to more than $112 per barrel.
The European oil price Brant rose 1.09 percent to $112.8 a barrel by 17:58 local time, and American oil W TI was dropped 1.74 percent to $112.4 a barrel, according to data from the portal oilprice.com.
The loss of oil prices this morning was due to data on the slowdown of Chinese industrial production in April, the decline in consumer spending and rising unemployment, as well as speculation that the EU's decision to ban Russian oil imports will be delayed.
However, later in the day, the falling price trend was overturned after some diplomats from the 27-nation bloc said an agreement on an oil embargo would be reached in the coming days, meaning that Russian oil production and remittances to the global market would fall.
In addition, price hikes were stimulated by the U.S. oil refinery's demand for crude oil, aimed at increasing motor fuel production on the eve of next summer season.