2023-06-13 20:28:04
Closing price: Oil prices rebounded sharply on Tuesday following a nightmarish session on Monday, led by a technical jump but also a renewed appetite for risk, partly fueled by hopes of stimulus measures in China.
The barrel price of Brent BRENT Brent or North Sea crude is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It has become the first international standard for setting oil prices. from the North Sea for delivery in August increased by 3,41%to close at 74,29 dollars.
As for the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also known as Texas Light Sweet, is a variation of crude oil that serves as a standard in pricing crude oil and as a commodity for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American, due in July, he won 3,42%To 69,42 dollars.
“The risk is back“, commented Daniel Ghali, of TD Securities, the black gold being traditionally a barometer of the mood of the investors.
China on Tuesday cut the rate at which banks borrow short-term from the Chinese central bank (PBoC) by 0.10 percentage points, to 1,9%a measure supposed to stimulate the granting of credit and help revive the country’s economy.
For Duncan Wrigley, of Pantheon Macroeconomics, if this decision is above all symbolic, it presages a recovery plan which should include support measures to support consumption and investment.
“Hopes of stimulus (of the economy by the authorities) in China supported all commodities“, including oil, summed up Daniel Ghali.
Enthusiasm was fueled by the CPI price indicator, which showed a sharp deceleration in US inflation in May, in line with economists’ expectations, and sent the dollar falling.
In detail, observers have noted the slowdown in price increases in the services sector, a data scrutinized by the American central bank (Fed) for months.
For Daniel Ghali, Tuesday’s rebound was also technical, because “the decline had gone too far” Monday.
The lessons to be learned from this session as to the direction of the market in the days to come are therefore limited, warns the analyst.
For him, “the market is waiting to see evidence of a decline“Organization of the Petroleum Exporting Countries (OPEC) production report”before raising prices“sustainably.
According to Commerzbank analysts, the Saudi state-owned company Aramco told “at least five customers from North Asia that they would receive in July the volumes of rough“, “which might instill doubt that the production cuts will indeed be made“.
The kingdom has, in fact, announced at the beginning of June a reduction in its production of one million barrels per day in July.
(c) AFP
Commenter Oil rebounds, hope in China and renewed appetite for risk
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