Fourth consecutive week of oil price declines



by SEAD DEDOVIC

Fourth consecutive week of oil price declines
© Getty Images/David McNew

Last week, oil prices continued their decline for the fourth consecutive time on global markets, reflecting concerns about weak demand in major markets worldwide.

London and America prices

In London, the barrel price dropped by 1.05% to $80.60, while in the American market, it fell by 1.65% to $75.90 per barrel.

This ongoing decrease, marking the fourth straight week, pushed prices to their lowest in four months. Traders' worries about demand weakening drove this trend, amplified by the unexpected increase in US stockpiles by 3.6 million barrels last week.

Simultaneously, production remained steady at a high of 13.2 million barrels per day. Tamas Varga from PVM remarked, "The decline in crude oil prices goes against the forecasts by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), both of which predicted a tight supply in the fourth quarter."

Engie EnergyScan analysts and their predictions

Analysts at Engie EnergyScan made statements regarding the drop in gas prices in the Netherlands and Britain “Prices are weakening this morning, probably because of the upward revision of temperatures compared to Friday,”- they said Consultancy Auxilione also gave predictions about what we could expect in the next few weeks.

“As we approach the end of November we still hold some impressive levels of gas storage inventory, which may be called upon as we are expecting some colder temperatures in the days ahead,” consultancy Auxilione said, quoted by hellenicshippingnews.com!

The fact is that the prices not only of gas but of everything have been on the rise in the last few years. In many countries of the world, there is a crisis that everyone feels. However, analysts believe and hope that there could be a turnaround next year.

It is to be hoped that things will become significantly more accessible for everyone. The citizens are afraid, but they have reason to be.