Crude oil prices they fall more than a dollar this Thursday, October 5, expanding the heavy losses from the previous session, since the uncertain demand outlook overshadowed any impulse coming from a panel of the OPEC+ that kept the production cuts to keep the supply tight.
Crude oil futures Brent they lose US$1.4 dollars, or 1.6%, to US$84.41 a barrel, and the West Texas Intermediate in the United States (WTI) down $1.38, or 1.6%, to $82.84.
OPEC+ maintained the perspective of production cuts: how did it influence crude oil prices?
Oil plunged more than $5 on Wednesday – its biggest one-day decline in more than a year – as a bleaker macroeconomic outlook and destruction of fuel demand attracted attention after the meeting of a panel of the OPEC+which brings together the Organization of the Petroleum Exporting Countries and its allies led by Russia.
The ministerial panel of the OPEC+ made no changes to the policy group oil productionand Saudi Arabia said would continue with a voluntary cut of 1 million barrels per day (bpd) until the end of 2023while Russia would maintain a voluntary brake on exports of 300,000 bpd until the end of December.
The Kremlin also said Thursday that there is no deadline for lifting its ban on fuel exports to fight high local fuel prices. gasoline and the diesel oil.
“We continue to see the market in deficit through the fourth quarter and lower prices reduce the likelihood that the OPEC ease supply constraints,” analysts at the National Australia Bank in a note.
On the negative side, the euro zone economy likely contracted last quarter, according to a survey that showed the demand fell in September at the fastest pace in nearly three years as consumers curbed spending amid rising borrowing costs and prices.
The latest data also showed a strong decline in gasoline demand in the United States. Finished motor gasoline supplied, an indicator of demand, fell last week to about 8 million bpd, its lowest level since the beginning of this year, the agency reported Wednesday. Energy Information Administration.
OPEC+ maintained the perspective of production cuts: how did it influence Argentina?
The sharp decline in Petroleum was worn both at global oil companies as regional. “YPF, EAT, View and Capex were not the exception, despite the fact that we insisted a while ago with a correlation broken by the differential between the barrel international and the Creole barrel. And, in fact, the first two do not show significant relative losses with respect to the rest of the sectors, showing that the local market is influenced more by regional and local flows than by sectoral ones, where some particular characteristics give more nourishment to a role that to another,” he explained Delphos Investment.
Source: Ambito
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