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Crude oil prices fell by more than 4%, pushing Brent crude to its lowest level in three months, following the reopening of Libyan terminals and the increase in oil supplies from Russia and other oil producers. , an badyst of future broker OANDA, said the trade tensions between the US and China "are expected to decline this week and could be a plus for oil prices."
Less than expected growth The second largest economy in the world has also affected the oil market, with China being the world's largest consumer of commodities.
The Chinese economy grew at a slower pace in the second quarter. Beijing to contain unbridled debt has had an impact on business, while industrial production weakened in June to reach a two-year low, due to fears of the war states United States
The world's second largest economy grew 6.7% in the quarter over the previous year – in line with expectations – and is poised to meet its official expansion target The tariff dispute with Washington, the slowdown in the housing market and the drop in shipments have increased the risks for the outlook.
"The intensification of the trade dispute with the United States will begin to weigh on growth," said Louis Kuijs Oxford Economics
The second-quarter expansion figure was slightly lower than the Up to 6.8% in the first half of the year, said Monday the National Bureau of Statistics, in a report that pointed out that net exports accounted for a significant weight in the expansion of the first semester
Sharp decline
The Brent benchmark price fell $ 3.49, or 4.63%, to $ 71.84 per barrel, after touching a minimum session of $ 71.52, its lowest level since mid-April. The price of US crude dropped by $ 2.95, or 4.15%, to $ 68.06 per barrel.
Falling prices offset gains generated last week by supply disruptions in Libya, a social conflict in Norway Iraq
Russia and other oil producers could increase their production of 1 million barrels a day or more if the market is hit by a deficit, said Friday the Russian Minister of Energy, Alexander Novak. They have also been hurt by reports that Washington may be selling crude oil from its strategic oil reserve, which would increase supply in the market.
For its part, the mix of Mexican exports ended with a fall of 4.34. To sell at 64.73 dollars a barrel.
Yesterday, in the United States, the price of gasoline fell by 4.96% to be marketed on average at $ 2,20022 per gallon. lón. (With information from Reuters)
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