That demand increased from April to June. The futures market price of Brent oil, the basis for European gasoline and diesel prices, fell 4.3% on Tuesday afternoon to just $ 40 a barrel of 158.9 liters after a rapid rise in corona infections. This is the biggest drop in two weeks, with a barrel costing $ 5 more in early September.
US WTI oil became 5% cheaper and is priced at $ 38.60 a barrel on the futures market. Oil imports from Japan, the fourth largest buyer in the world, decreased by 25% in August.
More supply in Libya
In the oil-rich Middle East, Kuwait’s Head of Government Sheikh Sabahal-Ahmed al-Sabah (91) died, who had long enjoyed authority in the Middle East because of his mediation role. The 83-year-old half-brother of the member of the 260-year-old royal family, who died after a sick bed in a hospital in Rochester, US since July, is taking over the lead of the oil state and member state of the oil cartel OPEC, according to a government press release.
Discussions about the definitive succession at the top of the important oil state, which has close ties with the United States, are not over, according to oil traders.
The heads of the world’s largest trading houses also argued against Reuters that they foresee a moderate recovery in demand for oil, with prices flat in the coming months and possibly even years. Air traffic has barely started, the demand for kerosene remains.
The offer increased at the same time. The Sarir oil field in Libya was reopened after months of inactivity due to a civil war, the Arabian Gulf Oil Company director confirmed. With over a million barrels of oil per day last year, the country is one of the medium-sized producers.
Before the downturn, oil traders also watched tonight’s approaching 3:00 am debate between presidential candidate Joe Biden and incumbent President Donald Trump.
A flaring conflict in the Nagorno-Karabakh region also bolstered the sales streak, traders say, after Armenia called Turkey to account for interfering in internal affairs and a military plane was downed. Turkey denied any involvement.
Oil boss Sabahal-Ahmed al-Sabah died
In Norway, oil workers were also on strike, producing the equivalent of 900,000 barrels of oil per day.
Analysts anticipated new figures from API, the American Petroleum Institute, which will see its stock increase by likely 1.4 million barrels of oil.
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