2023-08-01 22:10:00
Closing price: Oil prices ended slightly down on Tuesday, affected by a further acceleration of the dollar and a Chinese indicator deemed disappointing.The price of a 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. North Sea oil for October delivery, which was the first day of use as a benchmark contract, fell 0.61% to close at $84.91.
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.), with maturity in September, it yielded 0.52% to 81.37 dollars.
The session got off to a bad start with the announcement that Chinese industrial activity contracted in July in China, while economists saw it in slight expansion, at its lowest in six months.
Despite this softening of the economy, “the (Chinese Communist Party) politburo sent the message that China would not resort to a big stimulus package, opting instead for targeted and limited measures,” Duncan commented. Wrigley, from Pantheon Macroeconomics.
For black gold, the headwind picked up even more with the heat of the dollar, which fell firmly below the threshold of 1.10 dollars for one euro.
The decline in prices was also, according to Edward Moya, on the calendar, Tuesday being the first day of August following an incandescent month of July for black gold.
However, warns Edward Moya, “oil remains one of the most attractive investments and operators will probably start to buy back with each downturn”.
Thus, following having lost almost 1.50%, the 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. picked up late in the session, helped by a rebound on Wall Street and risk appetite, according to Matt Smith of Kpler.
For the analyst, traders were also positioning themselves in the prospect of a further fall expected in US crude inventories in the weekly report from the US Energy Information Agency (EIA), published on Wednesday.
On the occasion of the presentation of quarterly results, the managing director of the British giant BP, Bernard Looney, was very optimistic regarding the short-term market prospects.
“We should see demand increase by two million barrels a day this year, (…) and more than a million once more next year,” said the leader.
At the same time, “OPEC+ (Organization of the Petroleum Exporting Countries and its allies of the OPEC+ agreement) remains extremely disciplined and shows no signs of inflection”, he added, while in the States States, “the number of active wells has dropped”.
Therefore, “prices should remain firm in the months and years to come”, he concluded.
(c) AFP
Comment Oil retreats slightly with the rise of the dollar and a poor Chinese indicator
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