Crude costs fall due to discharge of US reserves, coronaviru...| MENAFN.COM

Tuesday, 17 May 2022 10:33 GMT

Crude costs fall due to discharge of US reserves, coronavirus in Europe


(MENAFN) On Tuesday, Nov.23 Crude costs dropped in Asia and were weighed down by the possibility of the United States and many other major crude-consumption countries supplying their crude reserves midst possible demand slowdown due to the reemergence of coronavirus in Europe.

During the same day, Brent crude oil fortunes fell 0.45 percent to USD79.35 per barrel (bbl), while West Texas Intermediate crude oil fortunes dropped 0.66 percent to USD76.24/bbl.

According to Bloomberg, US President Joe Biden is going to unveil the discharge of the country's Strategic Petroleum Reserves, with India, Japan, and South Korea expected to join the suit.

It added that the Organization of Petroleum Exporting Countries and its Allies (OPEC+) could modify operational plans in reply to the organized discharge of crude reserves if ingesting nations move forward with the proposal.

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