2023-09-25 19:29:16
Closing price: Oil prices ended Monday in dispersed order but close to balance, slowed down in their progress by a negative development for the Chinese promoter Evergrande as well as the lifting, by Russia, of part of its restrictions on oil exports. refined products.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 became the first international standard for setting oil prices. from the North Sea for delivery in November, ended almost in balance (+0.02%), at 93.29 dollars.
As for the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American with the same maturity, it gave up 0.38%, to 89.68 dollars.
As during almost all recent sessions, the classes started off really in the green, before running out of steam.
Oanda’s Edward Moya said the dollar’s surge, which hit multi-month highs against a range of currencies on Monday, helped keep crude from getting any closer to $100 a barrel for THE 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 became the first international standard for setting oil prices..
John Kilduff of Again Capital saw the market react to the setback recorded by Chinese real estate developer Evergrande.
The largest player in the sector, the Shenzhen giant was unable to issue new bonds, a major step in the restructuring of its colossal debt, due according to it to an investigation by the Chinese authorities into one of its subsidiaries.
The importance of the real estate market in China’s economic dynamics is such that an outright bankruptcy of Evergrande would weigh on the economy and on demand for oil, according to John Kilduff.
Prices also suffered from the decision of Russia, which lifted certain restrictions on its exports of refined products.
The fuel used for certain ships as well as diesel with a high sulfur content, of lower quality than that consumed most frequently, are now exempt from the suspension decreed Thursday to ease the prices of gasoline and diesel in Russia.
On the American market, demand is showing more and more obvious signs of decline every day. On Monday, the wholesale price of gasoline for immediate delivery fell to its lowest level in two months, while diesel lost more than 6% in ten days.
“Prices were very high at the pump for a long period, which ended up penalizing demand” for gasoline in the United States, according to John Kilduff.
(c) AFP
Comment Oil is stalling, China is worried, Russia is lifting part of its
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