Oil Plunges Further and Breaks New Milestone; See Reasons.

Written by Paulo Nogueira Published on 05/12/2023 at 19:44

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Os preços do petróleo voltaram a cair forte nesta terça-feira e agora rompem novo marco: o menor valor em cinco meses. Os futuros do petróleo Brent caíram

Oil Prices Have Fallen Again And Broken A New Record, With Brent Crude Futures Registering A Sharp Decline.

Investors are worried about the weak demand for the commodity, which resulted in another drop in oil prices this Tuesday. Brent crude futures fell 1.1%, reaching $77.20 per barrel, while U.S. West Texas Intermediate (WTI) crude slipped 1.0%, hitting $72.32. Additionally, a stronger dollar also contributed to the decrease in prices.

According to Craig Erlam, an analyst at the data and analytics company Oanda, the OPEC+ agreement to voluntarily cut production by about 2 million barrels per day for the first quarter of 2024 had little impact on prices. The most recent close represents the lowest value reached in the past five months, with a consecutive decline over four days indicating a loss of confidence among traders in the market. Relevant OPEC+ members, such as Saudi Arabia and Russia, which produce more than 40% of the world’s oil, have failed to boost prices even with the initiative to cut production. The lowest close for both contracts was the worst since early July, reaching levels not seen since then. For WTI, this was the first time prices have decreased for four consecutive days since May.

Source: MoneyTimes

ARTICLE CONTINUES BELOW

Oil Plunges Further and Breaks New Milestone; See Reasons.

Oil Prices Have Fallen Again And Broken A New Record, With Brent Crude Futures Registering A Sharp Decline.

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Chinese woman planted trees for decades while sand buried part of her house, received $5,000 from an American in 1999, and helped transform the desert into a forest of 8 million trees in China.

Heir bought 23,000 degraded acres in the Scottish Highlands, fenced the area, planted nearly 1 million native trees, and transformed empty mountains into a forest officially recognized after meeting 15 evaluation criteria over 20 years.

The Atacama Desert, the driest place on Earth, was covered in flowers and turned into a colorful carpet with more than 200 species in the phenomenon called “desert bloom,” when atypical rains awaken seeds that had remained dormant in the soil for many years.

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Oil Plunges Further and Breaks New Milestone; See Reasons.

Oil Prices Have Fallen Again And Broken A New Record, With Brent Crude Futures Registering A Sharp Decline.

In the cold desert of Ladakh, where it hardly rains, engineer Sonam Wangchuk created the ice stupa, a tower that freezes winter water and stores it for irrigating crops in the spring, a simple engineering feat that mimics nature.

Almost 6,000 residents live concentrated along a single street nearly 9 km long in the interior of Poland. Houses form a continuous row, and behind them, narrow agricultural strips emerge, creating one of the most unusual rural patterns in Europe.

Júlia Pimentel, an 11-year-old from Minas Gerais, independently invented a new formula to calculate the square root using simple addition and multiplication, and her method was published in one of the most important mathematical scientific journals in Brazil.

They planted a sea of eucalyptus to produce cellulose, but the monoculture turned into a green desert, dried up springs and rivers, and pushed families out of regions in Minas Gerais and Bahia.

Chinese woman planted trees for decades while sand buried part of her house, received $5,000 from an American in 1999, and helped transform the desert into a forest of 8 million trees in China.

Heir bought 23,000 degraded acres in the Scottish Highlands, fenced the area, planted nearly 1 million native trees, and transformed empty mountains into a forest officially recognized after meeting 15 evaluation criteria over 20 years.

The Atacama Desert, the driest place on Earth, was covered in flowers and turned into a colorful carpet with more than 200 species in the phenomenon called “desert bloom,” when atypical rains awaken seeds that had remained dormant in the soil for many years.

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