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Why did oil prices drop on Friday?
Why did global oil prices drop?
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Dec 11, 2023 · New York CNN — US oil futures notched their seventh straight week of declines on Friday, marking their longest losing streak in five years. The prolonged drop comes as analysts worry about...
- Nicole Goodkind
Sep 10, 2024 · U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.
Jul 16, 2024 · Global oil prices fell for the third straight day, extending a drop of almost 5% since July 4. Growing concerns about weakening demand, particularly from China, have fed the decline.
Sep 10, 2024 · Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are...
- The Dollar Strengthens. 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.
- OPEC Retains Production Levels. OPEC, the cartel of oil producers that sets production levels, was unwilling to prop up the oil markets by cutting its production levels.
- Global Inventory Grows. The prices of crude futures declined in late September 2015 when it became clear that oil stockpiles were growing amid increased production.
- The Economy Weakens. 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.
Nov 18, 2022 · The U.S. benchmark oil price fell to about $80 a barrel on Friday, and gasoline prices in some states are now close to $3 a gallon.
Sep 23, 2022 · Oil prices continued to tank on Friday, posting a fourth straight week of declines and falling to their lowest level since January amid rising fears that a looming economic downturn will hurt...
