Oil prices dropped because investors were worried about short-term demand. They were also worried about U.S. inflation data.
Brent crude was down 68 cents, or 0.72%, at $85.72 a barrel, after rising 2.23% on Friday. US WTI crude was down 60 cents, or 0.72%, at $79.13, after rising 2.12% in the previous session.
Oil prices are staying the same because traders think oil demand will decrease. This is because a key inflation report could make the Fed change its policies more.
The US Fed has been raising interest rates to curb inflation, sparking fears that the move will slow economic activity and oil demand.
In addition, the supply problem eased somewhat when a cargo of Azeri crude left the Turkish port of Ceyhan on Monday, the first since the devastating earthquake in the region.
Ceyhan is a storage and loading point for pipelines that carry oil from Azerbaija.
After Russia said it would cut oil production by 500,000 bpd, or 5.3%, in March, oil prices went up. In response to the conflict in Ukraine.
WTI and Brent contracts rose more than 8.4% last week, buoyed by optimism about a recovery.
A German project aimed at boosting clean energy and reducing gas usage
A German project to make clean energy for home heating is nearly done – 32% “green” energy will heat some southwest households.
Netze BW’s project is the first in Germany to supply combined gasses to households, and with a test site in the southwestern city of Ohringen, the company suggests it could become a blueprint for the rest of the country.
Germany is trying to produce hydrogen using wind and solar power. This is called “green” hydrogen because it’s produced without using fossil fuels. It plans to store gas or transport it to customers at existing and minority new gas sources.
Europe’s biggest economy plans to replace natural gas, especially from Russia, and make green hydrogen. It expects this from imports and domestic production.
Blending takes place at the Netze BW site, using purchased renewable energy that is fed into the electrolysis plant.
The company wanted to show that the piping infrastructure and boilers, radiators and hobs could fit into the mix without major replacements or adjustments.
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