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Growing concern over weak demand
- The primary reason for prices falling so dramatically was the growing concern over weak demand. With fears of the U.S. entering a recession and weak economic data out of China, demand will continue to weigh on prices.
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Nov 26, 2021 · Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could...
- The Dollar Strengthens
- OPEC Retains Production Levels
- Global Inventory Grows
- The Economy Weakens
- Iran Makes A Deal
In 2015, the dollar was at a 12-year high against the euro. That put pressure on market prices because commodity prices are usually quoted in dollars, and they will fall when the U.S. dollar is strong. For example, the surge in the dollar in the second half of 2014 caused a rare sharp decline in all of the leading commodity indexes.
OPEC, the cartel of oil producersthat sets production levels, was unwilling to prop up the oil markets by cutting its production levels. The oil ministers said in a statement that they had "concurred that stable oil prices – at a level which did not affect global economic growth but which, at the same time, allowed producers to receive a decent inc...
The prices of crude futures declined in late September 2015 when it became clear that oil stockpiles were growing amid increased production. The Energy Information Administration(EIA) reported that global oil inventories increased in every quarter of 2015, with a net inventory build of 1.72 million barrels per day. That was the highest rate since a...
While the supply of oil became increasingly abundant in 2015, global demand for oil was decreasing. The economies of Europe and developing countries were weakening. Vehicles were becoming more fuel-efficient. Meanwhile, China's devaluation of its own currency suggested that its economy might be weakening as well.Since China is the world's largest o...
In July 2015, the U.S. and several other world powers signed a deal that lifted economic sanctions against Iran. The Iran nuclear deal, as it became known, freed Iran to start exporting oil again. Investors feared it would add to the world's oversupply of oil, dragging down prices even more. (Iran withdrew from the agreement in 2019 after then-Pres...
Dec 14, 2021 · Benchmark crude oil prices plunged by $15-17/bbl over the course of November, as concerns over Covid-19, inflation and economic growth weighed on the market. North Sea Dated prices were down $2.17/bbl for the month on average to $81.37, but hit a low of $68.87/bbl on 1 December before recovering to around $75/bbl at the time of writing.
Aug 12, 2024 · The price of WTI fell by $10 over the past month, collapsing from $85 to $75. The primary reason for prices falling so dramatically was the growing concern over weak demand.
Apr 20, 2020 · For US drivers, the decline in oil prices - which have fallen by about two-thirds since the start of the year - has had an impact at the pumps, albeit not as dramatic as Monday's decline might...
Apr 21, 2021 · Analysts have said the development was driven in part by the sudden drop in demand for the commodity because of the COVID-19 pandemic, as well as by a price war between Russia and Saudi...
Nov 21, 2022 · Oil prices plummeted to ten-month lows Monday morning after stark warnings from Chinese officials shed light on the nation’s increasingly worrisome Covid outbreak—highlighting the uncertainty...
