London: Oil prices are stable on Tuesday, largely retaining the gains of the day before, marked by the fall of the Al Assad regime then by the announcement of monetary easing in China to support economic activity in 2025. Around 11:05 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 February, loses 0,30% has 71,92 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 January, drop of 0,37%has 68,12 dollars.
Chinese leaders announced on Monday that they wantedsoften“next year their monetary policy and promised one”more proactive fiscal policy” pour “stabiliser” real estate and financial markets.
This is the “most direct language on stimulus in years from the world’s largest crude oil importer“, say DNB analysts.
According to them, “oil demand in China tends to grow again, as part of recovery measures” after six months of low demand.
However, Saudi Aramco, the Saudi national oil company, lowered January 2025 prices for Asian buyers to their lowest level since 2021, “reflecting tepid demand in the region“, estimates John Plassard de Mirabaud.
On the geopolitical level, “the overthrow of the Assad regime in Syria raises more questions than it answers“, comments Tamas Varga, analyst at PVM, and the uncertainty has led investors to “cover oneself” in the markets by purchasing contracts, which caused prices to rise slightly on Monday.
On Sunday, Bashar al-Assad, who had been in power for 24 years in Syria, fled the country, driven out by a spectacular offensive by Islamist rebels.
The upward trend linked to this news “ended Tuesday early in the day“, specify analysts from Energi Danmark, and the market is now awaiting monthly reports from OPEC and the International Energy Agency on production during the week.
(c) AFP
Commenter Sea of oil for oil after the increase linked to Chinese recovery
Community barrel price
