Oil falls in the wake of a global power crisis with Reuters


© Reuters. FILE PICTURES: Unsaturated oil storage tanks can be seen in the aerial view at the Cushing, Oklahoma, US oil depot April 21, 2020. REUTERS / Drone Base

Author Aaron Sheldrick

TOKYO (Reuters) – Oil prices fell for the first time in four days on Tuesday.

was down 26 cents, or 0.3%, at $ 83.39 a barrel at 0211 GMT, after a three-year strike on the way to 1.5%.

U.S. oil fell 33 cents, or 0.4%, to $ 80.19 a barrel, again gaining 1.5% in the previous quarter, reaching its peak in seven years.

Craig Erlam, chief market researcher at OANDA said, “There is a lot of interest in the oil conference and the startup is very good.” “Would it be amazing to see oil return in three colors by the end of this year? Maybe not.”

Electricity prices have risen sharply in recent weeks, due to power shortages in Asia, Europe and the United States. Rising prices are also encouraging electricity producers to swap oil for fuel.

Converting oil from gas to electricity could increase the demand for waste between 250,000 and 750,000 barrels a day, researchers say.

In China, where major industrial areas are experiencing a decrease in electricity, future coal-fired temperatures were again rising Tuesday with prices exceeding 10%.

Qatar, the world’s largest oil producer (LNG), on Monday told consumers it could not help generate electricity and supply more oil to the market.

“We will be evicted, as we have given all our customers the maximum amount,” said Qatar Prime Minister Saad al-Kaabi. “I’m not happy that oil prices are going up.”

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