Both contracts fell 3% up to a minimum of two weeks in the previous session. Brent registered a weekly drop of almost 7.9%Meanwhile he WTI fell 6.7% for the week.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) reported that his Crude oil basket closed on Thursday at US$98.27 a barrel, compared to US$ 101.04 last Wednesday, which represented a decrease of 2.75%. On September 5 they will meet to discuss production cuts given the drop in demand, although the main producer, Saudi Arabia, says that supply remains tight.
“Oil prices are up today. The rebound is because the Iran-US nuclear talks appear to have stalled,” said Craig Erlam, senior market analyst at OANDA. “A deal has been a big downside risk to oil prices recently — something Saudi tried to counter with warnings of production cuts from the alliance.”
The market is also attentive to the possibility of limiting the prices of Russian oil exports. G7 finance ministers are expected to finalize plans on Friday to impose a price cap on Russian crude to curb revenue from Moscow’s war in Ukraine, but keep crude flowing to prevent price hikes.
Meanwhile, investors remain concerned about the Impact of the latest Covid-19 restrictions in China. The city of Chengdu ordered a lockdown on Thursday that has affected manufacturers such as Volvo.
Source: Ambito
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