Deii Posted August 24, 2022 Posted August 24, 2022 Brent oil rose 3.87% to $100.22 a barrel on expectations that OPEC will cut output. Oil prices rose sharply on Tuesday, buoyed by the prospect of a possible cut in OPEC production, mechanical problems at a Black Sea terminal and expectations of a further decline in US crude stocks. In this context, the price of a barrel of Brent from the North Sea for delivery in October gained 3.87% to 100.22 dollars, the first time in three weeks that it has risen above 100 dollars. Meanwhile, the price of a barrel of West Texas Intermediate (WTI) for delivery in October, gained 3.74% to 93.74 dollars. "For a month the market was very focused on the drop in demand in the United States" and in China, fearing a global recession, "and prices fell," recalled Eli Rubin, of EBW Analytics Group. "Now, we're back on the supply side," he said. The Saudi Minister of Energy, Abdulaziz bin Salmán, evoked a possible reduction in the production of OPEC and its allies within OPEC + to stabilize prices, very volatile and disconnected from the real economy according to the official. The market also expects a further significant decline in crude oil reserves in the United States, already 6% lower than the average of the last five years at this time. Analysts forecast a contraction of 2.5 million barrels in the past week. The official figure will be known on Wednesday. https://www.elespectador.com/economia/macroeconomia/el-petroleo-vuelve-a-subir-por-temores-sobre-la-oferta/
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