The global price of oil tumble as the Russian leader, Vladimir Putin, order his country’s largest oil supplier, Gazprom, to fill fuel storage sites in Europe beginning from November 08, 2021.
The fall in oil price also witnessed after Iran said talks with world powers on its nuclear programme would resume by the end of November and U.S. crude inventories rose by much more than expected.
Brent crude was 69 cents, or 0.8 percent, lower at 83.89 dollars a barrel, a two-week low. U.S. West Texas Intermediate (WTI) crude was down 53 cents, or 0.6 percent, at 82.13 dollars.
Brent crude oil prices will average 62.26 dollars per barrel for the rest of 2021 and 60.74 dollars per barrel in 2022, according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA).