The global price of oil was announced today, Thursday, November 21, 1405.
According to Isna, the price of Brent crude oil decreased by 1 dollar and 14 cents, equivalent to 1.2%, to 91 dollars and 62 cents per barrel. The price of American “West Texas Intermediate” (WTI) crude oil was also traded at a price of 85 dollars and 49 cents, with a drop of 1 dollar and 4 cents, equivalent to 1.2 percent.
On Wednesday, Brent crude was up about 1.4 percent and U.S. crude was up about 0.6 percent, while prices had hit two-month lows the day before.
Hiroyuki Kikukawa, chief strategist at Nissan Securities Investments, said: “Markets have declined on expectations that behind-the-scenes efforts are underway to establish a ceasefire between Russia and Ukraine, as well as on concerns that tensions over Iran are unlikely to escalate ahead of next week’s US-China summit.” “However, given the uncertainties surrounding the Strait of Hormuz, it is unlikely that the markets will experience a sharp and significant fall,” Kikukawa added.
During the two days of peace talks in Abu Dhabi that ended on Wednesday, Russian and Ukrainian negotiators agreed on a massive exchange of prisoners; However, US mediators said differences remained on other key issues, including territorial issues.
Ukrainian President Volodymyr Zelenskyy said that Kiev hopes to achieve concrete results for the resolution of the war this year.
According to a Reuters report, OPEC+ crude oil production jumped in October, the main reason for which was a significant increase in Saudi Arabia’s production. This increase occurred while the disruption of cargo passing through the Strait of Hormuz continues.
According to market sources and citing the data of “American Petroleum Institute”, US crude oil reserves have increased by 9 million barrels during the last week. The official statistics of the US Energy Information Administration are also scheduled to be published on Thursday. The publication of these statistics has been delayed by one day due to the nationwide holiday on Wednesday in the United States
