Home/Commodities/Newsfeed

EU Gas Prices Steady As Ukraine-Russia Turmoil Continues

Share Print 0

OPEC members’ average crude price fell below $80 for the first time in four years as Saudi Arabia and other members of the group supplying 40 percent of the world’s oil maintained output amid slowing demand growth.

The OPEC basket, the best measure of what the oil exporters earn per barrel, fell to $78.67 yesterday, the group said by e-mail today. That’s the lowest since October 22, 2010, according to data compiled by Bloomberg.

U.S. oil production rose to the highest in at least 31 years amid slowing global demand, helping drive crude into a bear market last month. The largest producers in the Organization of Petroleum Exporting Countries reduced prices rather than cut output, with Saudi Arabia, Iraq and Iran offering the biggest discounts to buyers in Asia this month since at least 2009. The group will meet in Vienna on Nov. 27 to discuss whether to cut output to support prices.

via Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top