While Saudi Arabia And Washington Continued To Clash Over OPEC+ Plans To Cut Output.
October 15, 2022: Oil prices fell in early Asian trading on Friday as U.S. crude and gasoline inventories rose, while Saudi Arabia and Washington continued to clash over OPEC+ plans to cut output.
Brent crude futures were down 15 cents, or 0.2%, at $94.42 a barrel by 0034 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.2%. %, at $88.90 per barrel.
A larger-than-expected increase in US crude oil storage coupled with a rise in gasoline stocks weighed on oil prices.
Crude inventories grew by 9.9 million barrels in the week to Oct. 7 to 439.1 million barrels, the US Energy Information Administration said, far more than analysts’ expectations in a Reuters survey of an increase of 1.8 million barrels.
Gasoline stocks rose by 2 (Two) million barrels in the week to 209.5 million barrels right away, compared with analysts who had expected a drop of 1.8 million barrels.
To prevent prices from falling further, there was a sharp drawdown in the distillate stocks that came as from the heating oil demand is expected to rise as winter approaches nearby.
Meanwhile, Saudi Arabia and the United States both countries continued to clash over the decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, last week to lower its oil production target.
The nation of Saudi Arabia, OPEC’s de facto leader, rejected Washington’s criticism that it was “not based on facts” and that a US request to delay the cut for a month would have had negative economic consequences during all time.
The White House said it had presented the Saudis with an analysis showing the cuts could harm the global economy and alleged that the Saudis pressured other OPEC members to vote. Officials from both countries are expected to resume talks soon as it can be possible.
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