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 January, grabbed 0,08% to close at 71,89 dollars.
That of a 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.) American, with deadline in December, has gleaned 0,12% has 68,12 dollars.
“Yesterday (Monday) was marked by a sharp drop“, recalled to AFP Robert Yawger, of Mizuho USA, for whom prices advanced slightly on Tuesday at the start of the day thanks to a technical rebound.
The market, however, remains weighed down by the prospect of an increase in customs tariffs promised by Donald Trump, freshly re-elected in the United States.
The Republican candidate has made customs duties the cornerstone of his trade policy, evoking the imposition of a surcharge ranging from 10 to 20% on all foreign products entering the United States and promised to go as far as 60% for those coming from China, the world's largest importer of oil.
“China has been the engine of growth in global crude demand for years, but it will struggle if its main trading partner plans to impose tariffs on it.“also important,” Mr. Yawger observed.
The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday again revised down its previous demand estimate for 2024 and 2025, after an initial adjustment last month.
On the supply side, an oil surplus is expected for next year and “the United States produces at record levels” while “OPEC has a large reserve capacity“added the analyst.
In early November, several members of OPEC+ (OPEC and its allies), including Saudi Arabia and Russia, announced an extension of their oil production cuts until the end of December, thus postponing the reopening of the floodgates .
In addition, the explosion of the dollar following Donald Trump's victory continues to weigh on prices.
The American currency soared 2,83% since Wednesday, and since oil is most often exchanged in dollars, an appreciation of the greenback increases the oil bill.
“This inverse relationship with the price of crude oil (…) is naturally negative” for classes, Mr. Yawger said.
“All these problems (…) are putting pressure on the market, and it will be difficult to reverse the situation in the coming days (because) the fundamentals are not good“, he added.
(c) AFP
Commenter Oil undermined by the prospect of an imbalance between supply and demand
Community barrel price
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