Apparently Drastic Fall in Oil Prices Caused America! - Kakiforex.com - Financial Market Media No. 1 in the World Apparently Drastic Fall in Oil Prices Caused America! Apparently Drastic Fall in Oil Prices Caused America!

April 21, 2021

Apparently Drastic Fall in Oil Prices Caused America!

 Crude oil trading failed to sustain strength after the commodity plunged from a one -month high due to some unpleasant news.


Most recently, the Judiciary Committee of the House of Representatives in the U.S. Congress passed a bill that would open OPEC up to antitrust lawsuits over production cuts.


However, it remains unclear whether the bill, also known as NOPEC, will be considered at the level of the US House of Representatives as a whole.


This has prompted US WTI to plunge to the $ 61.50 a barrel price level from $ 64, before re -trading above $ 62 a barrel in the Asian session.



Brent crude, meanwhile, plunged to $ 65.50 a barrel, before rising again to around $ 66 a barrel.


Following the drastic fall in oil prices, the Canadian dollar also plunged lower against the US dollar.


Adding to the grief for crude oil trading, was when the American Petroleum Institute (API) reported an increase in U.S. oil inventories of 436,000 barrels last week.


However, the decline in petrol supply, which dropped more than 1.6 million barrels, eased market concerns over demand.