Closing price: Oil prices fell again on Wednesday, depressed by the lull on the geopolitical front, the arrival of Hurricane Milton in the United States and doubts about demand. 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 December abandoned 0,78%has 76,58 dollars.
Le baril de 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 deadline in November lost 0,45%has 73,24 dollars.
For Andy Lipow, of Lipow Oil Associates, this new contraction in prices is due both to the absence, for the moment, of Israel’s response to Iran’s attack, but also to disappointment with the measures support from the Chinese authorities for their economy.
The market “breathe a little better” regarding the situation in the Middle East, more than a week after the Iranian strikes on Israel, explained the analyst.
???????? US President Joe Biden spoke on the phone on Wednesday with Israeli Prime Minister Benjamin Netanyahu with the main subject being the Jewish state’s strategy vis-à-vis Iran, according to the Axios news site .
???????? Later, Israeli Defense Minister Yoav Gallant said his country’s response to the Iranian offensive would be “deadly, precise and surprising“.
At this stage, however, “hostilities in the Middle East have still not disrupted oil deliveries“, noted, in a note, José Torres, of Interactive Brokers.
???????? Operators were also digesting the latest announcements from the Chinese authorities, deemed insufficient by the markets.
“We doubt that any recovery plan can return China to the growth trajectory it has experienced over the past thirty years“, warned, in a note, Carl Weinberg, of High Frequency Economics.
“The rest of the world will have to solve its problems alone“, without counting on the People’s Republic, warns the economist.
????️ Superimposed on these two factors was Hurricane Milton, expected on the west coast of Florida late Wednesday.
As Milton approached the Florida peninsula, it was packing winds of up to 215 km/h, according to the National Hurricane Center (NHC).
According to Patrick De Haan, of the specialized site GasBuddy, approximately 24% Florida gas stations were running out of fuel.
The hurricane “will reduce demand“refined products”in Florida“, a anticipé Andy Lipow. “These are limited quantities on a global scale, but they still weigh on the market“.
????️ The latest banner planted in oil prices on Wednesday, American crude stocks jumped by 5.8 million barrels last week, according to the US Energy Information Administration (EIA), more than triple what analysts expected (1.6 million).
This surge is mainly linked to a further slowdown in the activity of American refineries, in the midst of a maintenance period.
(c) AFP
Commenter Geopolitical lull, hurricane and demand weigh on oil prices
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