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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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

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Two restaurants in Brazil achieve the highest rating in the Michelin Guide and elevate the country to a new level of fine dining.

China inaugurates a new era by signing a $5.1 billion project to expand one of the largest gas fields on the planet, adding 10 billion m³ per year and reinforcing an energy mechanism that already moves 30 billion m³ annually towards its market.

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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.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

China inaugurates a new era by signing a $5.1 billion project to expand one of the largest gas fields on the planet, adding 10 billion m³ per year and reinforcing an energy mechanism that already moves 30 billion m³ annually towards its market.

While the world felt the pinch of rising oil prices, oil companies pocketed at least $23 billion extra from the crisis in Ormuz.

Oil plummets more than 10% and the market turns upside down after Iran opens Hormuz and eases fears about the main route in the Gulf.

Petrobras robots confirm the presence of hydrocarbons in the pre-salt of the Campos Basin at a depth of 2,984 meters, in a new exploratory well located 201 km off the coast of Rio de Janeiro.

A Canadian study detects record methane emissions and reveals that abandoned oil wells pollute up to 1,000 times more than expected.

Two restaurants in Brazil achieve the highest rating in the Michelin Guide and elevate the country to a new level of fine dining.

China inaugurates a new era by signing a $5.1 billion project to expand one of the largest gas fields on the planet, adding 10 billion m³ per year and reinforcing an energy mechanism that already moves 30 billion m³ annually towards its market.

At 6,800 meters in the Pacific, the deepest shipwreck ever recorded was found, and within it lies the story of sailors who faced Japanese battleships with a ship five times smaller…

A Brazilian college has created a blood test that identifies breast cancer with 95% accuracy before the tumor appears and has already tested it on 1,200 women…

South Korea will mass-produce a laser that takes down drones for less than R$ 8 per shot, and the test results showed a success rate of 100%…