United States Crude oil has lost value for seven weeks in a row, which hasn’t happened in five years.
American crude oil went up in price on Friday, but it still had its seventh week in a row of losing money because there is too much oil being made and people are worried about how much oil is being used.
The price of oil for January went up by $1. 89 to $7123 per barrel the price of Brent crude for February went up by $1. 79, or 242%, to end at $75. 84 per barrel
The United States (U. S) The price of crude oil and the global benchmark went down by about 4% for the week, even though it went up on Friday. Five years ago was the last time WTI went seven weeks in a row without making any profit.
Traders are feeling more negative in the past few weeks because the U. S is producing a lot of goods. Bumps into lower demand in China.
A few Organization of Petroleum Exporting Countries (OPEC) and their friends, like Russia, said they will produce 2. 2 million fewer barrels of oil per day in the early part of 2024 to try to make prices go up.
But traders are doubtful that they will actually come through because of recent disagreements within the group.