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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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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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.

Seven world powers including the US, China, and Russia are spending €22 billion on a reactor in the south of France that aims to confine plasma at 150 million degrees Celsius, ten times the temperature of the Sun’s core, using a magnetic field capable of lifting an entire aircraft carrier.

Elon Musk’s internet comes to mobile: Starlink technology connects smartphones without an antenna via satellite, works even without carrier signal, already costs just US$10 extra in the US, and could arrive in Brazil as an included benefit.

A Chinese factory in Guangdong is assembling a humanoid robot every 30 minutes while Tesla, Figure, and Boston Dynamics still struggle to deliver 10 thousand per year.

While Brazil has been discussing bullet trains for 16 years, China delivers 5 new high-speed lines in 2026, surpasses 50,000 km of HSR, and moves 1 billion passengers in a single year.

With a wingspan of 152 meters, 76 tires, and a capacity to carry 1,270 tons, the Boeing Pelican was the giant “flying ship” that promised to cross oceans close to the water on an invisible air cushion beneath its wings.

While countries spend billions to draw water from the sea, a Nobel-winning scientist creates a container-sized machine that extracts up to 1,000 liters per day from dry air and uses ultrasound to release water in minutes, even in the middle of the desert.

Belgium will sink 23 giant concrete caissons, each weighing 22,000 tons, in the North Sea to build the world’s first artificial energy island 45 km off the coast, forming offshore electrical walls.

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