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

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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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She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

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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.

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

China opens the world’s first school where more than 100 humanoid robots from different brands will study together, each movement will be repeated up to 600 times a day and the data will feed a collective brain that will teach all the robots of the future.

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EMS launches Ozivy pen for R$ 452 and fully enters the weight loss battle that is driving pharmacies and patients in Brazil.

Panama bets on a $4.5 billion railway bridge over the Panama Canal and calls on Renfe to validate a 450 km high-speed line that promises 50,000 jobs, but still faces the technical challenge of crossing one of the world’s most strategic routes.

“It doesn’t look like India”: British architect praises urban planning, cleanliness, and safety of this planned city in a country with 1,476,625,576 inhabitants

Heir worked at thirteen in an ice cream factory without revealing he was the owner’s son; today, at twenty-five, he leads the best-selling ice cream brand for home consumption in the Northeast, grosses almost R$ 300 million, has 145 stores, and competes with multinationals with regional flavors.