London: Oil prices hesitate on Monday, between threats of resumption of American control of the key trade route of the Panama Canal, likely to affect supplies, and a strong dollar, which weighs on crude purchases. Around 11:15 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 February, loose 0,43% has 72,63 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 the same month, just loses 0,37% has 69,20 dollars.
Initially in the green at the start of the session, crude prices are torn between “interest rate speculation“Americans and the”supply fears amid trade conflicts“, rapporte Susannah Streeter, d’Hargreaves Lansdown.
US President-elect Donald Trump attacked rights of way on Saturday, according to him “ridicules“, which American ships using the Panama Canal are subject to and threatened to demand the resumption of control of this shipping lane by the United States.
“As ships continue to avoid the Red Sea“due to attacks by Houthi rebels,”another key route disrupted risks adding to supply chain chaos, which could hurt growth and energy demand, but also disrupt oil supplies“, underlines the analyst.
According to estimates, some 5% of the world's maritime traffic passes through the Panama Canal, which allows ships traveling in particular between Asia and the east coast of the United States to avoid a long and perilous detour through the southern tip of South America.
Panamanian President José Raúl Mulino rejected this threat from Mr. Trump on Sunday, assuring that “the canal is not controlled, directly or indirectly, by China, the European Community, the United States, or any other power“.
On the other hand, the dollar regains strength on Monday, which penalizes buyers with foreign currencies by raising the price of a barrel for them.
The greenback suffered on Friday after a less than expected increase in the American PCE index, the American Federal Reserve's (Fed) preferred indicator of inflation.
But the monetary institution nevertheless plans fewer rate cuts than initially expected – it now projects two instead of four next year – which supports the American currency.
In this holiday week, exchanges remain in all cases “not very dynamic” on the oil market, however, specify DNB analysts.
(c) AFP
Commenter Oil hesitates between threats on the Panama Canal and a strong dollar
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