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Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

US crude benchmark falls below $80 per barrel: WTI

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Nov 2022 17:14
2 Min Read

Reasons for this drop are various but according to speculators, it is likely due to the possibility for China to close down its borders due to rising numbers of Covid-19 cases. 

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  • US crude benchmark falls below 80 per barrel: WTI
    US crude benchmark falls below 80 per barrel: WTI

The world's most liquid oil contract, WTI crude oil futures, which is also the US benchmark because it has the largest share of total US production, fell below $80 on Friday.

This is the first time since September 30 that the price falls below 80$. 

In this past week alone, it went down to more than 11% despite declining inventories and OPEC+ cuts. 

Reasons for this drop are various but according to speculators, it is likely due to concerns over geopolitical tensions and the possibility for China to close down its borders due to rising numbers of Covid cases. 

But China has technically re-opened, which means that demand should go up.

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Oil prices slightly up after hurricane hits US oil-rich Gulf Coast

As winter is approaching, energy consumption should go up. But that also does not seem to be happening.

As the US dollar has come under some serious firepower on the downside, the price of oil is supposedly higher in dollar terms.

But when the US dollar is strong, fewer US dollars are required to buy a barrel of oil.

Around 1305 GMT, a barrel of WTI for delivery in December was down 1.9 percent at $80.08.

As for the main EU contract, Brent for delivery in January went down 1.6 percent at $88.33.

Read more: US sanctions 13 companies supporting Iran oil sales

  • WTI
  • Oil prices
  • commodity
  • Crude oil

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