The prices of Petroleum fell on Monday as the weakened real estate sector in China suffered another blow, while a drone attack on US forces in Jordan Concerns were growing about supply disruptions in Middle East and the Houthi rebels of Yemen They intensified attacks against ships in the Red Sea.
The futures of Brent crude oil fell one dollar per barrel to 82.55 dollars per barrel when the drop at the beginning of the day had been 0.23 cents, while crude oil futures West Texas Intermediate (WTI) They also extended the decline from the initial 0.27 cents to $77.01 per barrel to one dollar.
a court of Hong Kong ordered the liquidation of the real estate giant on Monday China Evergrande Group in a sign of the deepening crisis in the real estate sector of Chinahitting confidence about crude demand in the world’s largest oil importer.
Meanwhile, the risk of worsening the conflict in the Middle East grows. Last weekend, militants supported by Iran They attacked US troops in Jordan with drones. “We believe the deaths of three U.S. service members today in Jordan marks a critical turning point in the ongoing conflict in the Middle East,” said Helima Croft, an analyst at RBC Capital, to the Reuters agency adding that a more direct confrontation with Tehran increases the risk of disruptions to regional energy supplies.
The commodity trader Trafigura said it was assessing the safety risks of further trips to the Red Sea after firefighters put out a fire on an oil tanker attacked by Yemen’s Houthi group a day earlier.
“Supply disruptions have been limited, but that changed on Friday after a tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen,” ANZ analysts said in a note.
Meanwhile, it is likely that Russia cut its exports of naphtha, a petrochemical feedstock, by between 127,500 and 136,000 barrels a day – about a third of its total exports – after fires disrupted operations at Baltic and Black Sea refineries, according to traders and data LSEG ship tracking system.
Source: Ambito
