Brent Crude sinks to 6-week low of $79.76/Bbl

By Samantha Allen

Published: November 18, 2021 | 7:32 AM GMT

Brent decreased to a 6-week low of 79.

76 USD/Bbl, after OPEC and the International Energy Agency warned of impending oversupply while rising COVID-19 cases in Europe increased downside risks to demand recovery.

Meantime, China said it was moving to release its oil stocks following a report by Reuters that the US was asking major oil consumers like China and Japan to consider a coordinated release of crude reserves to lower prices.

The bid by the US administration comes as inflationary pressures start to produce political backlash.

Brent Crude oil is a major benchmark price for purchases of oil worldwide.

While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics
Brent Crude sinks to 6-week low of $79.

76/Bbl

About Samantha Allen

Samantha Allen is a seasoned journalist and senior correspondent at TDPel Media, specializing in the intersection of maternal health, clinical wellness, and public policy. With a background in investigative reporting and a passion for data-driven storytelling, Samantha has become a trusted voice for expectant mothers and healthcare advocates worldwide. Her work focuses on translating complex medical research into actionable insights, covering everything from prenatal fitness and neonatal care to the socioeconomic impacts of healthcare legislation. At TDPel Media, Samantha leads the agency's health analytics desk, ensuring that every report is grounded in accuracy, empathy, and scientific integrity. When she isn't in the newsroom, she is an advocate for community-led wellness initiatives and an avid explorer of California’s coastal trails.