The prices of the Petroleum ended slightly higher on Tuesday, boosted by Monday’s data on the service sector activity indicator. USAwhich rebounded in July. However, the market remains in the position of limited supplies as a result of fears of an escalation in the conflict Middle East and a drop in production at the largest oil field in Libya.
The price of a barrel of Brent North Sea crude oil for September delivery gained 0.16% to $76.42 a barrel. Meanwhile, crude oil West Texas Intermediate (WTI) for the same month rose 0.18% to $72.33 a barrel.
“Despite an early session rally driven by concerns over supply disruptions and rising tensions in the Middle East, U.S. dollar futures were lower Petroleum could continue their downward trend as market reactions to disappointing growth data from American employment and weak economic signals from China created a wave of negative sentiment,” said Hani Abuagla, senior market analyst at XTB MENA.
On Monday, both benchmarks fell around 1% as fears about the US recession hit global stock markets.
The prices of the Petroleum are finding a floor as concerns grow that Irana major Middle Eastern producer, may retaliate against Israel and the United States after the assassination of a leader of Hamas in Tehran and an Israeli attack that killed a commander Hezbollah in Lebanonwhich could lead to a wider regional war.
On Monday, at least five US troops were injured in an attack on a military base in IraqU.S. officials told Reuters. It was not clear whether the attack was related to the threats of retaliation.
The Saudi oil giant Aramco reported a 3.4% drop in second-quarter profit due to lower crude volumes and softer refining margins.
The troubled oil refineries of Asia have received welcome relief on two fronts due to falling crude oil prices and the fact that major supplier, Saudi Arabiaoffered some relief.
Chief Executive Amin Nasser said Aramco was experiencing significant growth in China, adding that fundamentals do not support a fall in crude oil prices. Petroleum.
In the United States, the largest consumer of Petroleum Of the world’s largest economies, data on Monday showed the services sector rebounded from a four-year low in July.
A broader rally in Asian stock markets overnight, after they plunged on Monday, also supported the market. Petroleum.
Lower production in the oil field Sharara Libya’s 300,000 barrels per day further boosted prices.
The Libyan National Oil Corporation said Tuesday it would begin to gradually reduce production at the field due to the protests.
Source: Ambito
