Oil prices fell slightly on Friday, despite the conflict in the Middle East, after the publication of unfavorable American economic indicators and with the prospect of abundant production in the coming months.
This morning, the price of a barrel of Brent or North Sea crude, for delivery in December, is down 0.81% to $78.76. Its American equivalent, a barrel of West Texas Intermediate, for delivery in November, lost 0.47% to $75.31.
“If inflation accelerates, the Fed will focus again on controlling it,” said Ipek Ozkardeskaya, analyst at Swissquote, even if this were to contribute to slowing down the American economy.
Note that OPEC+ has maintained its plan to increase production by an additional 2.2 million barrels from December. Note also that OPEC refuted the information reported by the Wall Street Journal (WSJ), according to which the Saudi Minister of Energy had warned OPEC+ members of a potential drop in the price of oil, to 50 dollars per barrel, if they did not respect the agreed production reductions.
Also, investors still remain very attentive to the conflict in the Middle East and “crude prices fluctuate enormously while waiting for the next action” of the Zionist army of Israel against Iran, underlines Stephen Innes, analyst. at SPI Asset Management.
Aris Mokdad
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