2023-06-12 21:50:00
Closing price: Oil prices fell sharply on Monday, still under the influence of a series of disappointing indicators, which raise fears of a decline in demand, while the market doubts a contraction in supply.
The price per barrel 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 fell by 3,94%to close at 71,84 dollars.
Its American equivalent, the 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.) maturing in July, sold it 4,34%To 67,12 dollars. During the session, the reference price of WTI fell to 66,80 dollarsa six-week low.
“Prices were rocked by concern over the slowdown in the physical market“, that is to say the effective movements of black gold on the planet, due to an anemic demand, explained Phil Flynn, of Price Futures Group.
???????? Eyes are particularly focused on China, the world’s largest importer of crude,”where we see signs of structural weakness in demand“, illustrated by the deceleration of car sales, noted, in a note, the analysts of Eurasia Group.
For Susannah Streeter, of Hargreaves Lansdown, operators fear the delayed effect of the brutal rate hikes recorded for a year, which are reflected, for the moment, only moderately in the major Western economies.
???????? As for the offer, “there are many rumors regarding the lifting of sanctions once morest Iran and Venezuela“, souligne Phil Flynn.
An article by the British information site on the Middle East Middle East Eye had reported, Thursday, progress in the discussions between Iran and the United States on the Iranian nuclear, information firmly denied by the White House.
According to figures cited by Eurasia Group, the Islamic republic exported some 1.5 million barrels a day in May, compared to an average of around one million last year.
These Iranian data as well as the maintenance of Russian exports at a very high level prompted Goldman Sachs analysts to lower their price estimate once more, to 86 dollars end of 2023, compared to 95 so far.
Even if these Iranian volumes “may not be maintained“in the medium term, estimates Eurasia Group, “they might ease OPEC+ production cuts“, the cartel made up of the Organization of the Petroleum Exporting Countries (OPEC) and their allies of the agreement signed in 2016.
???????? Regarding OPEC,”whether Saudi Arabia will actually cut production is questioned“one million barrels in July, as it announced in early June, according to Phil Flynn.
???????? Still on the supply side, prices have had a hard time with the publication of the American Energy Information Agency (EIA), which forecasts that shale oil production will reach a record in July in the United States.
(c) AFP
Commenter Oil slips, the market fears for demand and does not see supply decreasing
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