Drop in the price of a barrel of oil - Economist

The price of a barrel of oil declined in trading on Thursday, April 7, which increased the total weekly losses due to the uncertainty about the ability of the eurozone to impose effective sanctions on Russian energy exports, in addition to the announcement by consuming countries of the withdrawal of huge quantities of oil from emergency reserves.

We find that oil prices fell in Brent crude futures contracts by 49 cents, or 0.5%, to settle at $100.58 a barrel, while US West Texas Intermediate crude fell by 20 cents, or 0.6%, to reach a settlement at $96.03 a barrel.

In the same context, the member states of the International Energy Agency agreed last Wednesday, April 6, to withdraw 60 million barrels, in addition to the 180 million barrels that the United States announced last week from the strategic reserve.

The agency confirmed the contributions of member states to the second collective action to release oil stocks in response to the Russian-Ukrainian war, and the agency said that the commitments made by members amounted to 120 million barrels over a period of 6 months.