Crude oil records third consecutive weekly loss followed by a volatile week

2 min read | November 15, 2021 01:14 PM AEDT | By Arpit Verma

Crude oil records third consecutive weekly loss followed by a volatile week — Image source: © Designer491 | Megapixl.com

Adding supply from strategic reserves to cool prices

Both the benchmarks tumbled significantly in the third week for the third consecutive week, hit by the strengthening of the dollar. The prices were additionally hit hard on speculations that the US President Joe Biden administration might release oil from its strategic reserves to cool down heated prices.

Crude oil stocks

Crude oil stocks | Source: © Batareykin | Megapixl.com

OPEC along with its allies was under pressure by leading oil-consuming nations across the globe to increase its supply to reduce skyrocketing oil prices. However, the cartel sticks to its original plan of increasing the supply gradually to phase out the ongoing production cuts.

Bottom Line

Crude oil registered the third consecutive weekly loss on Friday on worries that US Federal Reserve will boost its plan to enhance interest rates to tame inflation. Oil prices have recovered magnificently from the lows of the pandemic on the back of solid economic recovery and ease in COVID-19 led restrictions across the globe.

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