International oil and petroleum prices fell, by $70 per barrel, to record a decline for the fourth week in a row, as markets continued to fear about demand growth rates.
Global oil and oil prices declined… and Brent crude recorded 74.17 dollars
Brent crude prices recorded $74.17 a barrel, while US West Texas Intermediate crude futures recorded $70.04, as oil prices fell by more than 1% at the end of trading.
Throughout the week, oil was pressured by the physical over-the-counter market which showed signs of weakness amid lower margins on refining activity and slower buying in some areas.
The world’s two largest economies showed further signs of slowing, with US jobless claims rising and China’s recovery faltering, and cash fund managers investing in bearish bets on Brent Crude, sending net long positions to their lowest since December.
In a separate context, the European Union and the Embassy of Sweden hosted the European-Egyptian Energy Link event to focus on the energy link between Europe and Egypt. The event began with welcoming speeches delivered by the Ambassador of Sweden to Egypt, Hokan Emsjord, the European Union Ambassador to Egypt, Christian Berger, and Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources. This was followed by a video message from Her Excellency Minister Rania Al Mashat, Minister of International Cooperation.
This was followed by a panel discussion with European and Egyptian policymakers and representatives of the business community, including Ms. Gelsomina Vigliotti, Vice President of the European Investment Bank in Luxembourg. The panel discussions focused on policies, priorities and financial mechanisms to support the energy transition and link Europe and Egypt in this field.
The Swedish ambassador to Egypt said that the demand for sustainable energy in Europe is increasing, and Egypt is in a good position to provide Europe with this energy. Climate as well, where energy can be used more efficiently and sustainably.