Oil fluctuated following the announcement of a coordinated release of strategic petroleum reserves.
Republicans were quick to slam President Joe Biden’s decision on Tuesday to open the taps on the nation’s oil reserves, accusing him of misusing a national security stockpile for the politically expedient goal of lowering gasoline prices just before Thanksgiving.
The Tadawul All Share Index, TASI, was down 1.4 percent to 11,300 points, hit by a slide in bank, petrochemical, and energy stocks in early trading today.
OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves.
Sweet crude grades from the U.S. Gulf Coast have seen increased interest from Asian buyers in recent weeks, as many refiners in the world’s largest oil-importing region are purchasing more of the sweeter crude varieties, energy analytics firm Vortexa says.
Earlier, Gomeltransneft limited the pumping of oil through the Druzhba pipeline in the direction of Poland for three days due to unscheduled repairs on one of the pipeline branches.
Oil production in October is 2.8 per cent higher than the NPD’s forecast, and 1.0 per cent higher than the forecast so far this year.
The House on Friday passed a roughly $2 trillion bill incorporating the core of President Joe Biden’s economic agenda — ramping up funding for the social safety net and increasing taxes on corporations and the wealthy — sending it on to the Senate, where it’s likely to be significantly reshaped.
European shares inched higher on Thursday after a strong earnings season fuelled a series of all-time highs, while weakness in oil and metal prices hit commodity-related stocks.
State media outlets reported that an oil pipeline in southern Iran exploded on Wednesday, marking the latest in a series of explosions and fires reported across the Islamic Republic this year.