Oil prices continue to decline after the announcement of the United States
Last Updated on November 23, 2021
Oil prices fell by more than 1% during the trading session today in the European market, to resume its losses that were temporarily halted during the last session, as part of the rebound operations from the lowest level in eight weeks recorded earlier. In light of increasing news that the United States, China, and some major global oil consumers will withdraw quantities of strategic oil reserves to calm the market, while the Covid-19 injuries in Europe are affecting demand as well.
Oil prices continue to decline
At 09:50 GMT, West Texas Intermediate (US) crude fell by about 1.3% to trade around $75.45 a barrel, from the opening level of today’s session at $76.43 and reached the highest price at $76.58 a barrel.
The international crude oil “Brent crude” also fell by more than 1.1% to the level of $70.63 a barrel, compared to the opening level of $79.52, and it reached early in the session the highest price at $79.62 a barrel.
At the conclusion of trading on Monday, US crude managed to achieve a gain of 1.1%, after recording earlier in transactions its lowest level in eight weeks at $ 74.79 a barrel, and Brent crude also gained 1.3% after recording its lowest level since the first of last October. at $77.62 a barrel.
An American announcement that moves the market
The White House announced today, Tuesday, the liberation of strategic oil reserves, in a step that would control high energy prices in the United States and a number of other countries that suffer from high prices.
For his part, US President Joe Biden said that he will make available 50 million barrels of strategic oil, and added that 32 million barrels of oil will be available for replacement in the coming months.
Demand concerns
At a time when there is increasing talk of an increase in supply in energy markets, you find that global demand has received a new shock about the developments of a new wave of the Coronavirus in the old continent.
As Austria announced its imposition of a complete closure to limit the spread of the Coronavirus, thus becoming the first European country to re-impose the closure, which led to the growing fears again of the spread of the pandemic throughout the entire continent of Europe, which negatively affects the economic recovery and the decline in demand levels.
- EURUSD falls before the results of the European Central Bank meeting - March 10, 2022
- Gold prices hit their highest level in a year - February 24, 2022
- Gold prices fell after hitting the highest level of 1900 dollars an ounce - February 18, 2022
Relevant news

EURUSD falls before the results of the European Central Bank meeting
EURUSD witnessed a decline in the morning of Thursday's trading in the European market after…

Gold prices hit their highest level in a year
Gold prices jumped more than 2% during today's session in the European market, in the…

Gold prices fell after hitting the highest level of 1900 dollars an ounce
Gold prices fell during today’s session in the European market, after yesterday recording a record…

EURUSD moves away from three-week highs after US inflation data
EURUSD fell on Friday morning in the European market, and recorded its first daily loss,…
EURUSD continues to climb to the highest level in three weeks
EURUSD continued to achieve gains on Friday morning in the European market, and recorded the…

Gold prices drop with the continuous rise of the US dollar
Gold prices fell during the trading session today in the European market, to deepen their…