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Oil opened lower this Monday

Oil opened lower this Monday
February 26, 2024 – 08:42

According to analysts, there are expectations of higher long-term rates, which keep the dollar strong and put pressure on commodity prices.

The prices of raw fell on Monday, widening the losses before the opinion of the market that one inflation Higher than expected could delay cuts to high interest rates that have been limiting the growth of global fuel demand.

At mid-morning in the international market, the futures of the Brent fell 39 cents, or 0.5%, to $81.23 a barrel, while those in the West Texas Intermediate in the United States (WTI) lost 34 cents, or 0.4%, to $76.15.

This decline extends losses recorded last week, when Brent fell nearly 2% and WTI lost more than 3% amid signs that the Federal Reserve is in no rush to cut rates.

The sentiment seems centered on expectations of rates higher in the long term, which keeps the dollar and press the prices of raw materials, said independent analyst Tina Teng. A stronger greenback makes the price more expensive crude oil price for buyers with other currencies.

The prices of Petroleum They have been trading between 70 and 90 dollars a barrel since November, as the increase in US supply and concerns about the weak chinese demand counteract OPEC+ supply cuts, despite the two wars ravaging Ukraine and Loop.

Meanwhile, analysts from Goldman Sachs In a note, they raised their forecast for maximum prices for the summer from $85 to $87 per barrel, as disruptions in the Red Sea caused larger-than-expected stock withdrawals in developed countries.

Goldman Sachs is still waiting for the oil demand grow by 1.5 million barrels per day in 2024, but lowered its forecast for China, while increasing projections for USA and the India.

Source: Ambito

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