Oil price drop to 76.52 dollars

According to the report of Fars International Economic Group, quoted by Reuters, the price of oil decreased in today’s transactions after three days of increase.

Brent oil was down 17 cents at $76.52 a barrel, and US crude was down 28 cents at $70.62 a barrel.

The oil market closed at the highest price since March 14 in yesterday’s trading for both oil indices after the dollar value fell to the lowest level in the last 6 weeks.

Yip John Rong, market strategist at IG Bank, said: “Economic risks have been raised at the Federal Reserve meeting; At the same time, higher-than-expected U.S. crude oil inventories have dampened optimism about the demand outlook.

He added, however, the weakening of the dollar is a bright spot to help create flexibility in oil prices; So, in the midst of the decrease in purchases at the beginning of this week, there is room for price increase.

Powell said on Wednesday that the concern of the banking industry could lead to a credit crisis and have important consequences for the economy. The economy predicted by the US central bank officials will slow down even more this year than previously thought.

The most serious statistics from the Energy Information Administration (EIA) show that US crude oil inventories rose unexpectedly last week and reached the highest level in nearly two years.

US crude oil inventories increased by 1.1 million barrels in the week ending March 17 and reached 481.2 million barrels, which is the highest level since May 2021.

Analysts had expected a decline of 1.6 million barrels.

Citing the statistics of the US Energy Information Administration, this analyst added that the gross export of crude oil and petroleum products has reached the highest level of 12 million barrels per day, which is much higher than the supply level of any other country.

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