While it was seen that the USA's decision to sell to the market from strategic oil reserves in oil, pressured prices down, market participants also focused on the growing Kovid-19 crisis in China.
The USA crude oil, which fell 13 percent last week, started the new week just under $100. On the Brent oil side, the level of 104 dollars was seen.
While the effect of reserve sales was seen in oil, new warnings came from Vitol, one of the world's largest oil trading companies, that prices fell excessively.
Last week, OPEC+ agreed to increase oil production by 432,000 barrels a day, as expected in May.
The most important news for the oil market last week was the decision of the USA to sell its strategic oil reserves.
The USA administration announced that it will make available 1 million barrels of oil a day from strategic oil reserves to help lower gasoline prices and fight inflation across the country.
In a statement made by the White House, it was noted that gasoline prices have increased by about 1 dollar per gallon since Russian President Vladimir Putin stepped up his attack on Ukraine, while oil supply has decreased and prices have increased due to the war.
In the statement, it was stated that US President Joe Biden will announce a 2-stage plan for increasing gasoline prices, and it was emphasized that the first stage of the plan is to increase supply.
In the statement, it was stated that the US will release 1 million barrels of oil per day on average for the next 6 months as a result of consultations with its allies, and it was noted that this amount is the largest reserve release in history.
Comments
No comment yet.