The oil prices fell again on Wednesday, August 28, in a market concerned about the lack of dynamism in demand and without focus on the tensions in the Middle East.
The barrel of West Texas Intermediate (WTI) for the same date he lost 1.3% to $74.52. Meanwhile, the Brent crude oil of the North Sea for delivery in October gave way 1.1% to $78.65.
International tensions disrupted oil production
Crude oil extraction was partially or completely interrupted at several sites in production in Libya amid internal tensions in the country, according to international media.
In the Middle East, the Israeli Army launched a large-scale operation on Wednesday in the northern West Bankterritory occupied since 1967.
Israeli forces said they had “eliminated nine terrorists” and the Palestinian Red Crescent also put the number of Palestinians killed at nine, adding that 15 were wounded.
“The prospect of Iran entering the conflict represents 3 million barrels at stake,” he said. Stewart Glickmanfrom CFRA. “And Libya is a million more. And yet WTI is not above $80, which is a surprise to me,” he said.
Tensions in Libya between rival political factions should be short-lived “and concerns about supply disruptions have somewhat dissipated,” it said in a note. Susannah Streeterby Hargreaves Lansdown. “That tells us there are concerns about demand” for crude oil.concludes the analyst.
US commercial oil reserves fell
The US Energy Information Agency’s (EIA) report on commercial crude oil stockpiles also did little to support prices.
Commercial oil inventories in the United States fell last week, but less than the market had expected.
In the week ending August 23, these stocks fell 800,000 barrelsmuch less than the 2.8 million expected by analysts according to the consensus compiled by the Bloomberg agency.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
