Baghdad Crude oil prices fell today, Monday, as a result of pressure from expectations of an increase in supply and weak demand.
Brent crude futures fell 58 cents, or 0.7 percent, to $81.59 a barrel.
US West Texas Intermediate crude fell 58 cents, or 0.7%, to $80.21 a barrel.
Both markets witnessed a decline during the past three weeks as a result of being affected by the rise in the dollar and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to reduce prices.
The White House is discussing how to address rising inflation, with some officials calling for the use of the strategic reserve or stopping US exports,” ANZ analysts said in a report, according to Reuters.
The US energy companies this week increased the number of oil and natural gas rigs for the third week in a row, while crude oil prices hovered near their highest level in seven years, prompting some exploration companies to return to drilling.
At the same time, the Organization of Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter by 330,000 barrels per day compared to expectations last month, after high energy prices hampered the economic recovery from the Coronavirus pandemic.
Source: National Iraqi News Agency