Oil recovers before the holidays, on limited trade

oil priceoil priceLondon: Oil prices rose slightly on Tuesday, carried away by a slight optimism preceding the Christmas holidays, a period of reduced trading on the markets.

Around 11:25 GMT (12:25 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, takes 0,96% has 73,33 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, rises from 0,97% has 69,91 dollars.

These two exchanges will exceptionally close earlier on Tuesday on the eve of the Christmas public holidays.

Crude prices reboundshrugging off previous losses during a light pre-holiday session“, notes Matt Britzman, of Hargreaves Lansdown, based on American economic data which “sparked optimism for a strong end to the year for the world's largest consumer“.

The strength of the American economy, however, has strengthened the dollar, making the barrel more expensive for buyers with foreign currencies.

In the long term, moreover, “fears of oversupply next year limited further gains“, notes the analyst.

At the beginning of the month, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) had also renewed its reductions in black gold production and spread out the timetable for the return of barrels in order to support prices.

Concerning gas, the Dutch TTF futures contract, considered the European benchmark for natural gas, is displayed around 11:25 GMT at 46,06 euros per megawatt hour (MWh), up by1,14%.

DNB analysts explain this increase in prices by the upcoming expiration, on January 1, of a contract governing flows through the gas pipeline between Russia and Ukraine, crucial for supplying Central Europe.

(c) AFP

Commenter Oil recovers before the holidays, on limited trade

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