Oil down in a torn market


The Brent was worth 57.94 dollars around 11:40 in London, down 0.65% from Wednesday. WTI lost 0.49%.

Oil prices fell on Thursday in European trade, torn between geopolitical risk and worries about global growth.

Around 9:40 GMT (11:40 CET), Brent North Sea crude for December delivery was worth 57.94 dollars in London, down 0.65 percent from Wednesday's close.

In New York, the US barrel of WTI for November lost 0.49% to 52.33 dollars.

In recent times, "the oil market is neither bull nor bearish. There is no trend, "commented Tamas Varga, analyst for PVM.

According to him, the "potentially price-friendly" geopolitical situation, with the Turkish intervention in Syria and the demonstrations in Ecuador that led to a 70% interruption of the country's production, "is balanced by economic concerns and the good the health of US production and non-OPEC countries ".

On Wednesday, the United States once again reported a record production and an increase in stocks.

But "it's worth noting that weekly supply data has barely moved prices," said Jasper Lawler, an analyst for London Capital Group.

"At the moment, it's all about trade negotiations and their impact on global growth and demand for oil," he added.

While negotiations must resume later in the day in Washington, the tone between the two countries has risen in recent days; the United States has in particular announced sanctions against Chinese entities and officials suspected of participating in the "crackdown" against Uyghur Muslims in Xinjiang.

But press reports have also reported more conciliatory remarks, with China remaining open to a partial agreement even though Donald Trump has stated his preference for a broad agreement.

Source link


Please enter your comment!
Please enter your name here

two + seventeen =