Sunday , December 5 2021

Oil price is for fear of negotiation – Sectors – Economy



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Oil prices hit this Friday to their lowest level in more than one year by focusing on a possible overflow oil of two weeks after a meeting of the producing countries.

The Brent barrel of the North Sea, European references, for annual report in January, broke brutally under the 60 dollar in London's Intercontinental Exchange (ICE), sold at $ 59.74 at 14h20 GMT, a decline of more than 5% compared to Thursday.

At the same time, the WTI barrel of references in the United States for loss also lost in January 6.2% compared to the previous day and sold at $ 51.23 in the electronic exchange of the New York Mercantile Exchange (Nymex).

The prices of these two references from the world-wide oil have not registered as low as one year.

Oil prices were in October at their highest level in four years on falling donations from the submission of new US sanctions on Iran: $ 75 for the WTI and $ 85 for Brent.

They have more than 30%

But since then they have lost more than 30%. A few weeks after the application of these sanctions, which were included in several countries for the importation of Iran's black gold, investments are now ignored about the possibility of an overabundance of oil in the market "Movements of more than 1% are commonly used in the daily price of oil. The end of this week's normal and volatility is high since the beginning of November. This shows how to measure the oil brand", explains Jasper Lawler, analyst at the London Capital Group.

"The whole week is very heavy for oil prices, which have reached more than one year new businesses by over-the-counter inflation of rhizol and algae on global growth," says analyst Lukman Otunuga. from FXTM.

According to these experts, many investments still have a drop in oil prices even "despite the fact that the OPEC is exporting countries They can list their production at their meeting in early December. "

The whole week is hard for oil prices, which have reached more than one year new data by threatening excess roosty

"The WTI could fall shortly under $ 50 a short time"In a tough problem there is the increase in demand, the need for rosacea in United States, first worldwide, more than expected last week increased, according to data that is on Wednesday by the American Information Agence

So all eyes are now focused on the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC), where Saudi Arabia plays a leading role.

The ministers of the cartel, which hit two weeks in Vienna, dThey should also analyze their non-OPEC partners, including Russia, at the level of production as examined by the marks.

AFP

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