Price movements
On a weekly basis, Brent crude fell by about 3 percent at settlement, and US West Texas Intermediate crude fell by approximately 5 percent.
In Friday trading, Brent crude futures rose 38 cents, or 0.53 percent, to $71.89 per barrel upon settlement, and US West Texas crude futures rose 51 cents, or 0.75 percent, to $68.18 per barrel.
On Friday, the Chinese Central Bank lowered interest rates and injected liquidity into the banking system with the aim of returning economic growth towards this year’s target of about five percent.
More financial measures are expected to be announced before the holiday season in China, which begins on October 1.
The Organization of the Petroleum Exporting Countries (OPEC) intends toOPEC) and its allies, known as the OPEC+ alliance, are moving forward with implementing an increase in production by 180,000 barrels per day starting in December.
Meanwhile, delegations of the two competing legislative bodies in the East and West signed the agreement Libya Yesterday, Thursday, an agreement was reached to resolve the crisis in the leadership of the Central Bank.
The conflict caused a sharp decline in the country’s oil production and exports, as crude exports plunged to 400,000 barrels per day this month from more than one million barrels last month.
In a related context, consumer spending rose in the United States in August, indicating that the world’s largest economy continued its momentum in the third quarter as inflationary pressures eased.
And lower US Federal Reserve Board Interest rates rose by half a percentage point last week in a move expected to be the beginning of a continued monetary easing cycle.
In terms of geopolitical tension, Lebanese Prime Minister Najib Mikati said that the attacks launched by Israel on the southern suburb of Beirut on Friday show that it “does not care” about efforts aimed at reaching a ceasefire.
The increasing tension in the Middle East may pose a threat to global crude oil supplies.
