Oil prices faced pressure in early trading in Asia today, Thursday, after falling overnight, following a report published on the demand of the United States from major oil consumers such as China and Japan, a study to withdraw Coordinator of the strategic oil reserve in an effort to reduce prices.
According to Arab Net, the US administration's attempt to shock the markets comes at a time when inflationary pressures, due in part to high energy prices, are starting to cause a violent political reaction, while the world is intermittently recovering from the worst health crisis in a century.
West Texas Intermediate crude futures fell 6 cents to $78.30, after falling 3% last night.
Brent crude futures were not better than the previous one, as they also fell 59 cents to $79.69. It had fallen 2.6% in the previous session, its lowest close since early October.
Prices reached their highest levels in seven years last month, with the market focusing on the rapid rise in demand, which coincided with the lifting of the closures and the recovery of economies in the face of a slow increase in supplies from the Organization of the Petroleum Exporting Countries (OPEC) and its allies in what is known as the OPEC + grouping.
The IEA and OPEC have said in the past few weeks that more supplies will be available in the next several months.
The OPEC + group maintains an agreement to increase production by 400,000 barrels per day per month so as not to flood the market with supplies.
