At around 10:15 GMT (12:15 CET), 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 September, which is the first day of use as a reference contract, won 0,28% has 85,24 dollars.
Its American equivalent, 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.), for delivery in August, rose by 0,25% has 81,74 dollars.
Oil is “driven by escalating tensions between Israel and Hezbollah and a strong Chinese manufacturing PMI“, summarized DNB analysts.
Nearly nine months after the start of the war, sparked by an unprecedented Hamas attack on Israel on October 7, Israel struck the southern Gaza Strip on Monday after fighters fired 20 rockets at its territory Palestinians.
This war also raises fears of a conflict between Israel and Lebanese Hezbollah after an increase in attacks on both sides of the Israeli-Lebanese border.
Manufacturing activity in China, the world’s largest importer of oil, for its part, experienced its strongest growth in three years in June, according to an independent index published Monday.
“In addition, Hurricane Beryl (category 4), described by forecasters as “extremely dangerous”, is expected to cause enormous damage today.“in the Caribbean, and although it should spare oil and gas operations in the Gulf of Mexico,”he reminds that forecasters are expecting an active hurricane season“, according to DNB.
Furthermore, “Markets breathe a sigh of relief“After the results of the first round of the legislative elections in France, which boosts the euro and reciprocally weighs on the dollar, a phenomenon likely to fuel oil purchases, indicates John Evans, analyst at PVM Energy.
When the dollar falls, it actually pushes down the cost of oil that is traded in the US currency, which tends to push up the price of a barrel.
The markets estimate that the results of the first round of legislative elections in France reduce the probability that the National Rally will obtain an absolute majority in the National Assembly, which is seen as the “least worst case scenario“, comments John Plassard, specialist for Mirabaud.
The National Rally came out on top in the vote with more than 33% votes, slightly below the latest polls. The New Popular Front reached almost 28% and the presidential camp 20%.
(c) AFP
Commenter Oil on the rise, geopolitical tensions and rebound of the euro after the first round in France
Community barrel price
