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 March, released 0,90% has 81,29 dollars.
Its American equivalent, the barrel of West Texas Intermediate, for delivery in February, fell by 1,70% has 78,68 dollars.
“The market is clearly excited” in recent days, commented to AFP Stephen Schork, of Schork Group.
Oil prices actually jumped last Friday, driven by the announcement of new sanctions from Washington and London against major players in the Russian oil sector.
In detail, the US Treasury Department announced measures against more than 180 ships as well as the major Russian oil companies Gazprom Neft and Surgutneftegas, thus respecting “G7 commitment to reduce Russian energy revenues“. London also sanctioned these two companies.
These measures should lead countries like India, China and Turkey to buy oil from producers in the Middle East rather than from Russia.
“The possibility of new sanctions against Iranian oil during the transition to the Trump administration“, also “ignited the market“, selon M. Schork.
Driven by these elements, 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. and 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. reached levels on Wednesday that had not been reached since July 2024, before finally reversing course on Thursday.
“The market is fueled by the headlines, (…) but for the bullish action to continue, the headlines must remain bullish, which is not the case today” observed Mr. Shork.
-For Robert Yawger, analyst at Mizuho USA, the bearish movement would be more of a technical decline, after several sessions of increase, because “there is no one left to buy at these price levels“, he explained to AFP.
“Before the inauguration of Donald Trump, operators are exiting the market to avoid suffering from unforeseen announcements, for example on customs duties with Canada or even on a reduction in sanctions against Russia” with a view to peace negotiations in Ukraine, said John Plassard, analyst at Mirabaud.
On Thursday, future US Treasury Secretary Scott Bessent, however, said he was ready to strengthen sanctions against Russia, particularly against the oil sector, if “this is part of (the) strategy” of Donald Trump, during his confirmation hearing before the Senate.
On the gas side, a new cold wave expected in the United States pushed up American natural gas, which jumped around 7:45 p.m. GMT from 4,95%has 4,28 dollars the million British thermal units (BTU), the Anglo-Saxon benchmark in this market.
“A resurgence of arctic conditions is forecast for next week, with dangerously cold temperatures (…) for much of the country“, warned the American weather services (NWS).
(c) AFP
Commenter Oil is running out of steam in an overheated market
Community barrel price
Related News :