Oil Prices Drop, Gas Falls, Saudi Aramco Sells Assets

Oil prices plummeted by 2.5% this week, following reports of Ukraines peace deal with the US, sending Brent benchmark to $62 per barrel. European natural gas prices also dropped to €29 per megawatt-hour due to peace talks, warmer weather, and abundant supply. Europes gas inventories are 78% full, with 12 million tons of LNG expected this month. Saudi Aramco may sell assets, and hedge funds took a net short position on WTI crude futures. Moscow and Beijing discuss boosting crude exports to China via Kazakhstan, and Suriname plans to offer 60% of its offshore territory for exploration.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.