New York Oil Prices Fall below $60 per Barrel Mark

Due to sufficient oil supply and traders taking profits, oil prices in the New York market fell below the US$60 per barrel mark on the 10th.

On the same day, the price of light crude oil futures for April delivery on the New York Mercantile Exchange fell 51 cents per barrel to close at $59.96, the lowest closing price since February 17. North Sea Brent crude oil futures prices on the International Petroleum Exchange in London fell 23 cents per barrel to close at $60.83.

In addition, the price of heating oil futures for April delivery on the New York Mercantile Exchange fell 3.54 cents per gallon to close at $1.6846. Gasoline futures for April delivery fell 3.2 cents per gallon to close at $1.6881.

The Organization of the Petroleum Exporting Countries (OPEC) decided at its ministerial meeting on the 8th to maintain the organization's daily crude oil production limit at the current level of 28 million barrels. On the same day, a report released by the U.S. Department of Energy showed that U.S. crude oil commercial inventories increased by 6.8 million barrels last week from the previous week to 335.1 million barrels, about 10% higher than the same period last year and the highest level since May 1999. level.

This week, oil prices in New York fell nearly 6%. However, analysts believe that concerns about the prospects of Iran's nuclear issue and the situation in Nigeria will continue to support oil prices. Iran is OPEC's second largest oil producer and exporter, and Nigeria is Africa's largest oil producer.