Saturday, September 23, 2023

Price of WTI, Texas and Brent oil

The oil Brent Crude oil, the global benchmark, was at around $94 a barrel, with investors focused on the prospect of a widening supply deficit in the fourth quarter thereafter Saudi Arabia j Russia They extended the delivery cuts.

Crude oil futures Brent U.S. crude oil futures rose 52 cents to $94.45 a barrel West Texas Middle School They earned 66 cents to $91.43.

He Brent and that WTI have risen for three straight weeks, reaching highs not seen since November and are on track to post their biggest quarterly gains since Russia’s invasion of Ukraine in the first quarter 2022.

“What stands out is that this inexorable rise in oil prices has occurred despite concerns about weaker demand from Europe and China as those economies grapple with a sharp slowdown, showing how strained the supply side of the equation is again,” Marios said Hadjikyriacos broker XM.

China is considered a growth engine for demand petroleum remains perhaps the greatest risk due to the slow economic recovery following the pandemic.

However, a series of stimulus measures and a summer travel boom helped industrial production and consumer spending recover last month, and Chinese refiners boosted output, boosted by strong export margins.

This week the central banks are also in focus with the interest rate decision Federal Reserve US economy and expected economic data China.

There is a growing consensus that peak interest rates are not far away as inflationary pressures have generally been successfully moderated, he said Tamas Varga the brokerage activity VAT.

Saudi Arabia j Russia They extended supply cuts this month through the end of the year, but it’s unclear whether those cuts will last through next year.

“The question is whether the Saudis will continue to maintain the deficit, given the risk that higher prices will eventually boost U.S. shale oil production,” said Callum Macpherson, an analyst at Investec.

Oil in real time




Nation World News Desk
Nation World News Desk
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