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The price of oil returns to the lowest level since the start of the war
Written by SOT.COM.AL 24 Nëntor 2022
The price of crude oil on world exchanges reached this Thursday, the lowest quotes since the launch of the Russian attack on Ukraine. A barrel of oil reached about 77.8 dollars per barrel on the Texas stock exchange and 84.9 on the London exchange, the sale price at which it is offered for purchase contracts for the month of December.
The price drop came after the US administration announced that from November 18, until today, it has reduced the amount of weekly oil it stores for the national reserves to 3.8 million barrels. The previous week, the administration added 5.4 million barrels of crude oil to stockpiles.
However, markets continue to be concerned after Moscow warned this Thursday that it will completely cut off oil supplies to countries that set a price ceiling for supplies from Russia. The countries of the European Union agreed in principle in October to buy Russian oil at no more than 70 dollars per barrel, but did not find an agreement on gas after opposition from Germany. The G7 countries are also following the same line.