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Oil has fallen in price on the resumption of supplies via the Druzhba pipeline

November, 16 2022
watermark Economic news

On Wednesday, the price of oil fell sharply amid news that Russia is resuming oil supplies to Hungary via the Druzhba pipeline. A little earlier, oil quotes, on the contrary, showed growth after reports of an explosion on an oil tanker near Oman.


The current price of Brent oil is $92.11 per barrel. North American WTI oil is trading near the level of $84.80 per barrel. 


Earlier on Tuesday, it became known that an oil tanker was attacked near Oman. Despite the fact that the vessel did not receive significant damage, this incident pointed out the geopolitical risks associated with transportation to one of the most popular sea destinations. On this news, Brent jumped to $95.77 per barrel, and WTI rose to $87.50 per barrel.


However, this growth was quickly offset by reports of the resumption of the Druzhba pipeline. It is reported that the pipeline suspended its work yesterday – Ukraine announced the suspension of oil pumping along the southern branch in the direction of Hungary due to damage to the transformer station as a result of a strike on the territory of Ukraine.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.