Oil prices continue to decline.
Influencing the drop in prices - recorded for four weeks now - are not only fears of a halt to the post-pandemic global economic recovery, but also the possibility that the United States and China , by mutual agreement, release strategic reserves, to avoid a further spike in costs.
Today the European benchmark Brent crude lost 0.37% and stands at 78.6 dollars a barrel, while the American benchmark WTI lost 3.68% and now costs 76.1 dollars a barrel.
At the beginning of November, despite the invitations of the market (USA and the European Union in particular), the 22nd summit of OPEC Plus - the organization of the main producing countries extended to include Russia - in fact refused to accelerate the increases in production. oil, reconfirming the rate of increase of 400 thousand barrels per day for the month of December this year.
The next meeting will be held on December 2nd.
The common strategy to lower the price of oil was among the topics at the center of the virtual summit on November 16 between US President Joe Biden and Chinese leader Xi Jinping.
(Unioneonline / F)