New York: Oil prices widened their losses on Thursday, with swelling shares in the United States combined with economic signals raising fears that global demand for crude would weigh on prices.
At around 4:50 PM GMT (5:50 PM CET), the barrel of Brent BRENT Brent, or North Sea crude, is a variant of crude oil that serves as a benchmark in Europe and is listed on the InterContinentalExchange (ICE), an exchange that specializes in energy trading. It became the first international standard for determining oil prices. lost from the North Sea for delivery in January 4.36% has $77.64 shortly after contact $77.60a lowest price since early July.
The American equivalent, the barrel West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variant of crude oil that serves as a standard in determining the price of crude oil and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). , the stock exchange specialized in energy.) for delivery in December, fell 4.60% has $73.13after reaching $73.05also the lowest level since July.
The two global benchmarks for black gold are therefore moving under pressure to the lowest level in four months.as disappointing economic data from the US further clouded the demand outlook“, Lukman Otunuga of FXTM explains to AFP.
🛢️ The day before the report of the “swelling of the shares“oil in the United States and the”Fears of a slowdown in US economic growth” had already pulled prices down, the analyst recalls.
Indeed, U.S. commercial crude inventories have risen by more 3.6 million barrelsThis appears to be more than expected by analysts, according to figures published on Wednesday by the American Energy Information Agency (EIA).
🇺🇸 The market also turned its attention to the level of reserves in Cushing (Oklahoma), the main delivery terminal for WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variant of crude oil that serves as a standard in determining the price of crude oil and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). , the stock exchange specialized in energy. in the United States, which according to DNB have increased significantly.
“The tight supply conditions that were widely expected did not materialize, as evidenced by the massive stockpiling in the United States“, says Stephen Innes of SPI AM.
The inflation rate also fell significantly in the United States in October, 3.2% over a year, by 3.7% in September, mainly thanks to the drop in petrol prices at the pump, according to the CPI index published on Tuesday.
These numbers “after weaker-than-expected jobs data earlier this month have reinforced the idea that the economy is starting to cool‘ in the country, underlines James Harte, analyst at Tickmill.
The market demands it now When Saudi Arabia and Russia are de facto leaders of the OPEC+ alliance (the Organization of the Petroleum Exporting Countries and its allies) will intervene to stop the price drop.
Earlier this month, Saudi Arabia and Russia reaffirmed that they would maintain their production and export cuts until the end of the year. 300,000 barrels per day supply of oil and petroleum products for Russia and a production cut of one million barrels per day for Saudi Arabia.
These cuts are in addition to cuts implemented since early May and in effect until the end of 2024 by nine producers, including Riyadh, Moscow, Baghdad and Dubai, for a total of 1.6 million barrels daily.
“As we have seen so often in the past, producing countries will do whatever it takes to support prices“, says Craig Erlam, analyst at Oanda.
“It is now up to OPEC+ (…) to send a strong signal about what it wants to do in 2024 regarding supply and prices“, says Bjarne Schieldrop, analyst at Seb interviewed by AFP.
The next ministerial meeting of OPEC+ members is scheduled for November 26 in Vienna, the alliance’s headquarters.
Remark Oil at its lowest since July, behind US stocks, raising demand concerns
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