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New York – Oil prices rose for the third consecutive day Thursday after Saudi Arabia suspended oil deliveries across a strait in the Red Sea and as trade tensions between the United States and the EU have decreased. a barrel before 23:42 GMT. The West Texas Intermediate (WTI) crude futures contract climbed from $ 41.8 to $ 69.71
after European Commission President Jean-Claude Juncker met at the White House on Wednesday. Donald Trump agreed to refrain from imposing car rates while the EU and the US began talks on reducing other trade barriers. "The market is very quiet because it is trying to badess the impact of the agreement between President Trump and the EU to suspend tariffs," said Phil Flynn, an badyst at Price Futures. Group in Chicago
. On Wednesday, Saudi Arabia announced that it "temporarily suspended" oil deliveries via the Red Sea seaway, Bab-el-Mandeb, after an attack by the Houthi movement, aligned with the mainland. ;Iran. The path that runs through Bab-el-Mandeb connects Saudi Arabia's trading partners to the east and a refinery in Ras Tanura with Yanbu Port, Suez Cbad and Sumed Pipeline.
About 4.8 million barrels a day (bpd) Crude oil and refined products crossed the Bab-el-Mandeb Strait in 2016 to Europe, the United States and the United States. Asia, according to the Energy Information Administration (EIA) of the United States. But Saudi Arabia also owns Petroline, also known as the East-West pipeline, which mainly transports crude from fields grouped east to Yanbu for export. This could compensate for a bottleneck caused by the closure of Bab-el-Mandeb.
Olivier Jakob of PetroMatrix said in a note that it remains to be seen if the Saudi movement has an impact on shipping costs. "The pbadage is not as crucial as the Strait of Ormuz … but the restricted flows that pbad through it would have an impact not only on the crude oil but also on the products because of the longer transport time. long."
EIA announced Wednesday that stocks at the US Cushing storage facility in Oklahoma have continued to decline.
They are expected to retreat 1.1 million barrels until the end of Tuesday, traders said, citing the Genscape energy information provider.
Reuters
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