rose oil pricesToday, Tuesday, after yesterday it recorded its lowest level since early last January, as the dollar’s rise temporarily halted the recovery of crude, despite continuing concerns about tightening monetary policy and weak demand.
raw rose West Texas The broker is about $77 a barrel after it fell more than 8% during the previous two sessions, while the Bloomberg index of the US currency fell from a record level.
Commodity prices, including crude oil, are adversely affected by the movement of the dollar, as the decline in the US currency stimulates the demand to buy commodities because they become less expensive, while the strength of the dollar makes commodities more expensive.
the prices
- raw increased West Texas The broker for November delivery 0.3% to $76.97 a barrel on the New York Mercantile Exchange at 11:25 a.m. in Singapore, after falling on Monday to $76.25, its lowest since Jan. 4.
- Has risen Brent crude November delivery by 0.3% to $84.34 a barrel on the ICE Futures Europe exchange
The US oil benchmark is still on track to post its first quarterly loss in more than two years on concern that energy consumption will fall even as the Russian war in Ukraine continues, and the recession may prompt the Organization of the Petroleum Exporting Countries (OPEC) and its allies to consider… Cut supplies to stop the collapse.
Warren Patterson, head of commodity strategy at ING Groep, said: “OPEC+ members have been strangely quiet, and the alliance is likely to feel uneasy with the degree of weakness in the crude market, so there is a real possibility It is very important to see OPEC+ announce supply cuts.”
The coalition, which is scheduled to meet on October 5, agreed to a symbolic supply reduction of only 100,000 barrels per day for the month of October at its last session. Patterson believes that if production cuts are agreed upon among OPEC+ members, they will need to be slightly larger than the previous cut to have a tangible impact on the market.