{"id":222005,"date":"2022-03-24T21:00:58","date_gmt":"2022-03-24T21:00:58","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=222005"},"modified":"2022-03-24T17:24:01","modified_gmt":"2022-03-24T17:24:01","slug":"oil-prices-40","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-prices-40\/","title":{"rendered":"Oil prices down in volatile trading, Brent is $121"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>London, (Business News Report)||<\/strong> Oil prices witnessed a decline Thursday afternoon in volatile black gold transactions, with investors evaluating the possibility of new supplies in markets experiencing a lack of oil supply.<\/p>\n<p style=\"text-align: justify\">Brent crude oil futures prices fell 58 cents, or 0.48%, to $121.02 a barrel, while West Texas Intermediate crude futures fell 96 cents, or 0.84%, to $113.97 a barrel.<\/p>\n<p style=\"text-align: justify\">This week, the two crudes made significant gains, as Brent crude futures increased by more than $14 a barrel, or 13%, since last Monday.<\/p>\n<p style=\"text-align: justify\">West Texas Intermediate crude jumped more than $10, or 10%, a barrel on increased fears of supply disruptions after the Russian invasion of Ukraine.<\/p>\n<p style=\"text-align: justify\">The two benchmarks have risen steadily since the start of the Russian war with Ukraine about a month ago, in what Moscow describes as a &#8220;special operation&#8221;, and the United States and its allies imposed wide sanctions on Moscow, causing confusion in the global oil trade.<\/p>\n<p style=\"text-align: justify\">Russia exports between 4-5 million barrels of crude per day, making it the second largest exporter of crude in the world after Saudi Arabia. Analysts&#8217; estimates vary on the amount of crude that will not be able to enter the market.<\/p>\n<p style=\"text-align: justify\">Oil exports from<a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwicr66voN_2AhWGt6QKHcnzDkAQFnoECAYQAQ&amp;url=https%3A%2F%2Fwww.cpc.ru%2FEN&amp;usg=AOvVaw0J127kSa-cxOo7PTuH-Wuf\"> Kazakhstan&#8217;s Caspian Pipeline Consortium<\/a> terminal on Russia&#8217;s Black Sea coast were completely halted on Wednesday after it was damaged by a major storm and continued bad weather, a shipping agent and pipeline manager said.<\/p>\n<p style=\"text-align: justify\">Russian Deputy Prime Minister Alexander Novak said yesterday that oil supplies through the pipeline may stop completely for up to two months.<\/p>\n<p style=\"text-align: justify\">The US Energy Information Administration said on Wednesday that crude oil stocks in the United States&#8217; Strategic Petroleum Reserve fell 4.2 million barrels last week to 571.3 million barrels, the lowest level since May 2002.<\/p>\n<p style=\"text-align: justify\">The government agency added that this is the largest weekly decline in crude stocks in the Strategic Petroleum Reserve since August 2011.<\/p>\n<p style=\"text-align: justify\">The decline in oil stocks in the United States came with the rise in crude exports and imports, and in conjunction with the increase in the consumption of oil derivatives.<\/p>\n<p style=\"text-align: justify\">Oil exports in America rose by about 908,000 barrels per day during the past week, to reach 3.844 million barrels per day.<\/p>\n<p style=\"text-align: justify\">US oil imports rose by 92,000 barrels per day, bringing the total to 6.486 million barrels per day.<\/p>\n<p style=\"text-align: justify\">The rise in US crude imports came from four countries, led by Canada; It saw an increase of 408,000 barrels per day.<\/p>\n<p style=\"text-align: justify\">Oil imports in America from Iraq and Russia rose by about 328,000 and 32,000 barrels per day, respectively, as well as from Nigeria.<\/p>\n<p style=\"text-align: justify\">Meanwhile oil imports in America fell from Colombia, Ecuador and Brazil by 207,000, 102,000 and 41,000 barrels per day, and also fell from Saudi Arabia and Trinidad and Tobago.<\/p>\n<p style=\"text-align: justify\">Crude oil production in America remained stable at 11.6 million barrels per day for the seventh consecutive week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>London, (Business News Report)|| Oil prices witnessed a decline Thursday afternoon in volatile black gold transactions, with investors evaluating the possibility of new supplies in markets experiencing a lack of oil supply. Brent crude oil futures prices fell 58 cents, or 0.48%, to $121.02 a barrel, while West Texas Intermediate crude futures fell 96 cents, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":222006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,169,974,646],"class_list":["post-222005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-oil","tag-russia","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil prices down in volatile trading, Brent is $121 | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| Oil prices witnessed a decline, Thursday afternoon, in volatile black gold transactions aim investor concerns\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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