Around 9:55 a.m. GMT (11:55 a.m. 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 August, took 0,60% has 85,76 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, earned 0,59% has 81,38 dollars.
“Without the constant and progressive increase in geopolitical risks in the Middle East“, the prices of the two crude benchmarks could lose ground, estimates John Evans, analyst at PVM Energy.
American crude oil stocks have indeed increased by 3.6 million barrels during the week ended June 21, according to figures released Wednesday by the US Energy Information Administration (EIA).
An increase in crude stocks usually tends to weigh on prices, especially since this increase in reserves came as a surprise: analysts had bet on a significant drop.
The market is, however, counting on a “increasing seasonal demand and continued OPEC production cuts“, the Organization of the Petroleum Exporting Countries, emphasize analysts from Energi Danmark.
The group and its OPEC+ allies are expected to maintain their production cuts through September, a factor in supply tensions, as are ongoing geopolitical tensions in the Middle East.
Israel does not want a war against Hezbollah but has the capacity to bring Lebanon back to “stone Age“if necessary, warned his Minister of Defense against a backdrop of UN fears of an extension”potentially apocalyptic” of the conflict in Gaza.
The war in Gaza has led to an outbreak of violence on the border between Israel and Lebanon, where exchanges of fire are almost daily between the Israeli army and Lebanese Hezbollah, an ally of Palestinian Hamas.
“Turkey entered the diplomatic discussion space“, notes Mr. Evans.
“It seems that Israel, which devastated Gaza, is now setting its sights on Lebanon. We see that Western powers support Israel behind the scenes“said Turkish President Recep Tayyip Erdogan.”Netanyahu’s plans to expand war to region will lead to great disaster“continues Mr. Erdogan.
(c) AFP
Commenter Oil rises, the Middle East at the center of concerns
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