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Oil Prices Are Under Pressure From Supply And Demand Factors

Adel 22 November, 2021 5:23 pm Commodities, Forex Market, Market Update

Oil prices rose on Monday but remained pressured by rising COVID-19 cases in Europe and the possibility of Japan drawing down on its national reserves, raising concerns about oversupply and weak demand.

Brent crude and US West Texas Intermediate prices fell more than a dollar in early trading, hitting their lowest levels since October 1.

Brent crude rose 31 cents, or 0.4 percent, to $ 79.20 a barrel, while US crude rose 34 cents, or 0.5 percent, to $ 76.28.

The US dollar traded near a 16-month high against the euro on Monday, making dollar-priced crude oil more expensive for holders of other currencies.

Meanwhile, the prospect of Japan’s resorting to strategic oil reserves kept the pressure on prices and kept Brent crude below $80.

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