Oil prices are down by more than 2%

On Friday oil prices are down by more than 2% amid fears that global oversupply could widen in the first quarter following a coordinated release of strategic oil reserves by major US-led consumers and a new strain of coronavirus scaring investors, Investing.com reports.

Futures for Brent decreased by 2.6% to $80.08 per barrel, WTI crude oil fell by 3.24% to $75.85 per barrel.

The administration of US President Joe Biden on Tuesday announced that it would free millions of barrels of oil from strategic reserves in partnership with other major consumer countries, including China, India and Japan, to try to lower prices.

A group of experts advising OPEC+ expects that the unsealing of state reserves will lead to an increase in oil surplus in the world market by 1.1 million barrels per day, an OPEC source said on Thursday.

OPEC+ has warned of an expected oversupply in 2021. According to the source, the group expects a surplus of 400 thousand barrels per day in December, in January it will increase to 2.3 million barrels per day, and in February - up to 3.7 million barrels per day.

To recap, $2 million worth of fuel was stolen from a US military base in Romania.

As reported, oil suppliers in Pakistan strike nationwide.

Read also: The world is investing only half of what it needs in oil and gas: SPE 2022 President Kamel Ben-Nasser.

Tags: oil, USA, Asia, coronavirus, OPEC+, price, agreement, volumes, petroleum products, oil deliveries, Europe, Biden

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