MSI

Oil Falls Below $96 As Economy Slows Globally

Facebook
Twitter
LinkedIn

There have been continued concerns about the growth of the economy globally as a whole in part to much of the financial situation of the USA as well as many European countries.

By early afternoon in Europe the benchmark for oil per barrel was down $1.12 to as low as $95.96 on the New York Mercantile Exchange. Crude oil too was down quite a bit to $111.86 as well on ICE Futures exchange.

Ritterbusch and Associates had this to say on the matter,

“The energy market is vulnerable to additional negative guidance from the U.S. economy, a slowing in the Chinese economic growth engine and a renewed heightening in European debt worries.”

In April total global oil production totaled 91 million barrels a day as opposed to 87 million per day in April of last year. This increase however seems to be mostly from OPEC output according to the IEA.

Oil pices have slowly climbed back up to currently about $96.80 which is still down about 0.28 on the day. What remains to be seen is how prices will look at the close of the day.

Protect pipes with MSI, the world’s best pipe protection company.

Contact us today to learn how we can help you.

View More

API 5CT 11th Edition: What Does It Mean for OCTG Thread Protectors?

The oil and gas industry operates under strict standards to ensure optimal performance and equipment safety. The recent release of the API 5CT 11th Edition in December of 2023 brought significant changes that impact OCTG thread protectors. With a focus on improving performance requirements, this edition has sparked discussions about its implications for API and

Read More »

The Role of Pipe Protection Technologies in the Mining Industry

Like the oil and gas industry, the mining industry depends on reliable and efficient piping systems to ensure the supply and delivery of various materials. Pipe protection technologies and products are essential for protecting pipes from corrosion, abrasion, impact, and other hazards that can compromise their performance and safety. Insulated Pipes in the Mining Industry

Read More »
Translate »
Scroll to Top