{"id":11991,"date":"2024-09-26T12:03:02","date_gmt":"2024-09-26T12:03:02","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11991"},"modified":"2024-09-26T12:03:02","modified_gmt":"2024-09-26T12:03:02","slug":"brent-crude-settled-at-72-19-cents-a-barrel","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11991\/","title":{"rendered":"Brent crude settled at $ 72, 19 cents a barrel"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices slipped on Thursday, reversing earlier gains, on news that Saudi Arabia, the world’s top crude exporter, will give up on its price target in preparation for raising output.<\/p>\n

Brent<\/span> crude<\/span> futures were down $1.27, or 1.7%, to $72.19 a barrel, while U.S. West Texas Intermediate crude fell $1.18, also 1.7%, to $68.51 per barrel as of 1023 GMT. Both contracts fell more than $2 a barrel earlier on Thursday.<\/div>\n
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Saudi<\/span> Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, the Financial Times reported on Thursday, citing people familiar with the matter.<\/div>\n
The<\/span> Organization of the Petroleum Exporting Countries – led de facto by Riyadh – along with the group’s allies including Russia, together known as OPEC+, have been cutting oil output to support prices.<\/div>\n
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However<\/span>, prices are down nearly 6% so far this year, amid increasing supply from other producers, especially the United States, as well as weak demand growth in China.<\/div>\n
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“<\/span>The prospect of additional supply from Libya and Saudi Arabia has been the main driver behind the latest weakness,” Saxo Bank analyst Ole Hansen said.<\/div>\n
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A<\/span> United Nations statement on Wednesday said delegates from divided Libya’s east and west agreed on the process of appointing a central bank governor, a step which could help resolve the crisis over control of the country’s oil revenue that has disrupted exports.<\/div>\n
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Libya’s<\/span> crude exports have averaged about 400,000 barrels per day in September, down from over 1 million bpd in August, shipping data show.<\/div>\n
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News<\/span> of a new Chinese stimulus package limited further losses, however.<\/div>\n
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Top<\/span> government officials in China, the world’s largest crude oil importer, pledged on Thursday to deploy “necessary fiscal spending” to meet this year’s economic growth target of roughly 5%, acknowledging new problems and raising market expectations for fresh stimulus in addition to measures announced this week.<\/div>\n
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