International Energy Agency: We Are Closely Monitoring the Situation in Oil Markets
The International Energy Agency announced today that it is closely monitoring the situation in the oil markets.
The agency explained that the continuous drawdown from emergency stocks by member countries provides significant relief to the markets.
It noted that member countries have withdrawn about 290 million barrels of oil since March 11.
It indicated that member countries still hold a large amount of emergency stocks, including more than one billion barrels of stocks controlled by governments.
Price Trading
On the subject of price trading, oil prices fell today, as markets balanced repor…
The International Energy Agency announced today that it is closely monitoring the situation in the oil markets.
The agency explained that the continuous drawdown from emergency stocks by member countries provides significant relief to the markets.
It noted that member countries have withdrawn about 290 million barrels of oil since March 11.
It indicated that member countries still hold a large amount of emergency stocks, including more than one billion barrels of stocks controlled by governments.
Price Trading
In terms of price trading, oil prices fell today, as markets balanced reports of mediation efforts between the United States and Iran on one side and the exchange of new attacks between the two sides, while the Houthi militia threatened to target ships in the Bab el-Mandeb Strait.
Brent crude futures fell by 69 cents, or 0.77%, to $88.53 per barrel by 04:30 GMT, while West Texas Intermediate crude for September delivery dropped by 73 cents or 0.88% to $82.47 per barrel.
Original source: Okaz
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