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Brent close to 80 dollars, pushed by tensions

oil priceoil priceLondon: Oil prices rise on Monday, driven by tensions in the Middle East, exactly one year after the attack by the Palestinian Islamist movement Hamas in Israel which sparked the war in the Gaza Strip, and by economic indicators favorable to the States -United.

Around 11:20 a.m., 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, takes 1,83% has 79,56 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 November, wins 2,25%has 76,05 dollars.

It would not be surprising to see prices rise quickly beyond the 85 dollars at the slightest intensification of the conflict“, estimates Stephen Innes, analyst at SPI Asset Management, for whom the bar 100 dollars East “far from being impassable“. The price of oil is rising, at its highest level in more than a month, because “no outcome is in sight for the conflict which risks spreading further“, says Susannah Streeter, analyst at Hargreaves Lansdown.

On Monday, the Israeli army announced that soldiers belonging to a third division were now engaged in ground fighting against Hezbollah in southern Lebanon. Shortly after, the armed wing of Hamas claimed responsibility for firing a barrage of rockets on Tel Aviv. Investors fear an Israeli attack on Iranian infrastructure that would cut off supplies to one of the ten largest oil producers.

At the same time, the publication on Friday of a report on the American employment market that was more solid than expected reassures the markets about the capacity of American demand to increase global oil demand, which has been depressed for several months by the slowdown in Chinese economy. “Increased energy demand in the United States will help offset continued low oil demand in China“, explains Susannah Streeter.

However, analysts expect an abundance of barrels in the coming months, which will hold back prices despite increased geopolitical risks.

(c) AFP

Commenter Oil: Brent close to 80 dollars, pushed by tensions

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