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BREAKING
Israeli media platform: The Degel HaTorah party, which has four members in the Knesset, announces its withdrawal from Netanyahu's cabinet.
Local Syrian sources: The raids targeted the road between the village of Al-Mazra'a and the city of Sweida, where forces and factions affiliated with the Syrian Ministry of Defense are advancing.
Local Syrian sources: New raids carried out by Israeli warplanes targeted vehicles and gatherings of military factions affiliated with the new Syrian Ministry of Defense.
Local Syrian sources: Israeli raids target, for the third time, gatherings of Syrian Defense Forces military factions in the southern countryside of Sweida.
The Ministry of Health in Gaza: Gaza Strip hospitals received 120 martyrs and 557 wounded in the past 24 hours.
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis

Oil rebounds after 3-day loss, still at loss

  • By Al Mayadeen Net
  • Source: Agencies
  • 9 Apr 2022 00:19
2 Min Read

Exacerbated by the Western sanctions on Russia over the war in Ukraine, oil makes some gains but is still at a loss compared to its state before the western sanctions on Moscow.

  • x
  • crude oil pump jack in the Permian Basin in Loving County, Texas, US
    Crude oil pump jack in the Permian Basin in Loving County, Texas, US

Crude prices rebounded on Friday for the first time in four days, still registering losses for a second week in a row after the United States and other oil-consuming countries announced a massive release of oil from their emergency reserves to mitigate a supply crunch caused by the sanctions on Russian energy supplies.

London-traded Brent, the global benchmark for crude oil, gained $2.20 (2.2%), reaching $102.78 per barrel following a cumulative loss of 7% over the three previous days. Brent's 1.5% dip this week after last week's 13.5% marked its worst performance since April 2020 when demand plummeted amid COVID-19 lockdowns, which paralyzed the global economy. 

New York-traded US crude benchmark West Texas Intermediate, or WTI, settled up $2.23 (2.3%), selling at $98.26. WTI's 1% dip this week after last week's 13% also marked its worst weekly performance since the COVID-19 outbreak. 

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Crude prices slightly decreased for the third day in a row after the International Energy Agency said it was releasing 60 million barrels from its members' reserves into the open market, which would add to the announcement of the release of 180 million barrels made by the United States earlier.

The combined 240 million barrels would be added to the market over a six-month period, making for an inflow of 1.33 million barrels per day. 

The measure would increase by more than three-fold the monthly increments of 400,000 barrels per day in output global oil producers under the OPEC+ have been doing.

Meanwhile, sanctions are delaying the delivery of some 3 million barrels per day of Russian oil exports, with some being denied altogether. 

After the war in Ukraine started, the US and its allies have rolled out comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.

  • United States
  • Russia
  • International Energy Agency
  • Sanctions on Russia
  • United Kingdom
  • Ukraine
  • Oil prices

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