The price of a barrel of Brent oil for delivery in October ended this Tuesday in the London futures market at US$92.263.08% less than at the end of the previous session.
(Why the tax would make the oil business in the country unviable).
North Sea crude, a benchmark in Europe, ended the day on the International Exchange Futures down US$2.93 from the last trade, when it closed at US$95.19.
Brent fell more than 3% at the close for the second consecutive sessionpressured by the weak economic indicators released by China and the renewed perspective that Iranian oil will eventually return to the market.
(Oil companies in Latin America, between the transition and the energy boom).
In fact, the authorities of the European Union and the United States were examining on Tuesday the response to the latest Islamic proposal to the European bloc’s text to reactivate the agreement on the nuclear program with this Muslim country, international agencies highlighted.
The fear of a slowdown in the global economy has offset in recent days the upward effect of the supply restriction generated by the war in Ukraine.
“Crude prices are falling on fears that China’s growth will slow much further and the chances of Iranian crude flooding the market are improving as negotiators move closer to a possible revival of the Iran nuclear deal. ”, said Eduard Moya, senior market analyst at Oanda.
For Moya, the outlook for oil demand is receiving “a big blow” after the “disappointing Chinese economic activity reading.”
“Oil won’t get a bid here as China’s recovery is weakening and Germany continues to underperform in the EU,” the analyst noted.
Secondly, the price of a barrel of West Texas Intermediate (WTI), the US price, for delivery in September lost 3.22% at US$86.53, its lowest closing level since January 25, almost 7 months, in New York, the AFP agency highlighted.
EFE/AFP
