Brent crude drops to $82 per barrel

Baghdad Oil prices largely held their gains on Wednesday, as investors questioned the effectiveness of the US-led coordinated issuance of shares from strategic reserves and shifted their focus to the next step by oil producers.

Brent crude futures fell 12 cents, or 15 percent, to $82.19 a barrel by dawn today, after rising 3.3 percent on Tuesday.

US West Texas Intermediate crude futures rose 10 cents, or 0.1%, to $78.60 a barrel, after rising 2.3% the previous day.

On Tuesday, the United States announced that it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to try to calm prices after OPEC + producers ignored repeated calls for more crude.

 

Source: National Iraqi News Agency

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