Oil Drops 9% After Hamas Attack on Israel; What Is Behind This Decline?

Written by Paulo Nogueira

Published on 17/11/2023 at 09:39

Temor diante de conflito em Gaza levou à alta da commodity; no entanto, preço vem caindo desde então, tocando o menor patamar desde julho (imagem: Pixabay)

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Global Actions. The Tension Resulted in Significant Fluctuations in Oil Prices, Directly Affecting International Economic Prospects.

The Recent Confrontation in the Middle East Between Israel and Hamas Raised Concerns in the Market, Especially Due to the Region’s Influence on the Oil Market.

The Price of Brent Oil Rose After the Attacks on October 7 Against Israel, Reaching $89.65 on October 16, 2023. However, Since Then, the Price Dropped by 9%, Being Traded at About $81 This Wednesday (15). Previously, It Reached $79, the Lowest Value Since July.

Some Factors May Explain the Recent Movement: The Fear of a Supply Reduction Due to the Conflict in the Middle East Decreased, Thanks to the Increase in Production Announced by the United States, as Well as the Increase in Production Reported by OPEC (Organization of the Petroleum Exporting Countries).

ARTICLE CONTINUES BELOW

Forecast for Increased Oil Demand Despite the Expansion of Electric Vehicles

The Agency Estimates That Oil Demand Will Increase to 930,000 bpd, Compared to the Current 880,000 bpd. On the Other Hand, It Forecasts That Demand May Slow Down Due to the Growing Adoption of Electric Vehicles and the End of the Post-Pandemic Economic Recovery Phase.

Source: Money Times

Oil Drops 9% After Hamas Attack on Israel; What Is Behind This Decline?

Global Actions. The Tension Resulted in Significant Fluctuations in Oil Prices, Directly Affecting International Economic Prospects.

Forecast for Increased Oil Demand Despite the Expansion of Electric Vehicles

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Oil Drops 9% After Hamas Attack on Israel; What Is Behind This Decline?

Global Actions. The Tension Resulted in Significant Fluctuations in Oil Prices, Directly Affecting International Economic Prospects.

Forecast for Increased Oil Demand Despite the Expansion of Electric Vehicles

Egypt wants to draw 10 million cubic meters of water from the Nile per day into the desert, irrigate a new agricultural frontier, and build a city where there is currently only sand.

BRICS is preparing a payment system inspired by the Brazilian PIX that will allow direct transactions between countries using national digital currencies without relying on the dollar or Western banks as intermediaries.

Ethiopia has banned gasoline and diesel cars, placed over a hundred silent electric buses on the streets of Addis Ababa, and now aims for half a million electric vehicles by 2030, all powered by Africa’s largest dam and a courage that few countries have shown.

The Soviet Union spent 22 years drilling into the Earth’s crust and reached a depth of 12,262 meters — they found water where it was thought impossible, hydrogen bubbling from the rock, granite that is 2.7 billion years old, and temperatures of 180 degrees that melted the drill bits.

Stored for over 100 years, the first underwater tunnel in Latin America receives a decisive boost with a loan of R$ 2.5 billion signed in April and promises to connect Santos and Guarujá, on the coast of São Paulo, in just 5 minutes.

A view from space, an image made by NASA shows the impressive Richat Structure, a geological formation located in the Sahara Desert, also known as the “Eye of the Sahara.”

Giant turbines on the seabed of Scotland have been generating clean energy for nearly a decade without interruption, and now the big promise is that tidal power could solve the biggest problem of solar and wind energy: the unpredictability that no one has been able to overcome until today.

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