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Oil prices continued to fall on Tuesday as traders remain concerned about a potential rise in production and an uncertain economic and political context.
West Texas Raw Intermediate
CLQ8, -0.01%
fell 16 cents, or 0.2%, to $ 67.90 a barrel, while Brent oil
LCOU8, + 0.13%
– the international benchmark – fell 19 cents, or 0.3%, to $ 71.64 per barrel.
Both contracts resulted in heavy losses Monday, ending at over 4% less. The sale of oil futures was announced after the Donald Trump administration considered releasing oil from the US strategic oil reserve and that Saudi Arabia proposed to increase production. for Asian customers
. years now. Given the uncertain and unpredictable political and economic backdrop, it is as easy to make a bearish badumption for oil as for bullish oil. During the first half of the year, we had a very strong compliance with the OPEC + against a shale oil production in the United States constantly increasing. The first one turned out to be the winner, "said Tamas Varga, an badyst at brokerage PVM Oil Associates, in a note.
" World oil stocks have fallen and prices have risen. To maintain this balance, the major oil producers have decided to increase their production, but oil prices have continued to rise due to real and anticipated shortages. This feeling is changing now. It's not entirely clear if this change will last, but it's a timely exercise to take stock of the latest developments in supply, "he added.
Later on Tuesday, traders will receive US supply data, when the American Petroleum Institute will release weekly numbers on stocks.
In other energy products, price of gasoline
RBQ8, + 0.29%
were stable at $ 2 per gallon, while fuel oil was up 0.1% at $ 2.06 per gallon.
Natural gas
NGQ18, + 0.47%
increased by 0.3% to $ 2.77 per million British thermal units.
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