[ad_1]
Oil prices fell 3% to under $ 58 a barrel on Thursday, prolonging the 3% drop from the previous session, under pressure from growing fears of a recession and a sudden surge crude oil inventories in the United States.
While investors feared that the US economy, the largest in the world, would enter a recession that would weigh on the demand for oil, the yield curve of the US Treasury reversed Wednesday for the first time since 2007.
Brent fell 1.81 USD, or 3%, to 57.67 USD per barrel, down from 1.57 USD to 57.91 USD.
US crude fell $ 1.03 to $ 54.20 a barrel.
Brent is still up 10% since the beginning of the year thanks to cuts in production led by OPEC and allies such as Russia in the group known as OPEC More .
In July, OPEC Plus decided to extend reductions in oil production until March 2020 to support crude oil. On August 8, a Saudi official suggested that new measures could be envisaged: "Saudi Arabia is determined to do everything necessary to maintain the stability of the market next year".
OPEC efforts have, however, been overshadowed by worries over the global economy as a result of the US-China trade dispute and the uncertainty surrounding the secession of the Great West. Britain to the European Union, as well as rising crude oil inventories and American shale production.
"The market has become very concerned about global growth," said Tamas Varga of PVM Oil Brokerage.
China released disappointing data for July, with industrial output growth at its lowest level in more than 17 years.
The decline in exports led to the recession of the German economy in the second quarter.
An unexpected increase in crude oil inventories in the United States for the second week adds to the pressure on oil prices.
Crude oil inventories rose 1.6 million barrels last week, while badysts forecast a drop of 2.8 million barrels, the US Energy Information Administration announced.
The acquisition by Saudi Aramco of part of the Indian company Reliance Industries Limited is expected to allow it to regain control of the world's fastest growing oil market, where suppliers, including the United States and Russia, succeed each other, said Bloomberg.
Aramco's project to buy 20% of Reliance Industries in India in the oil and chemicals sector comes with a half-year long-term purchase guarantee. -million barrels of crude oil in the kingdom, the agency announced Thursday. Million tons a year.
"This agreement gives Aramco access to a market where it faces competition from other producers," said Sushant Gupta, director of refining and chemical chemistry at Wood Mackenzie Limited, Singapore-based energy consulting company located in the Asia-Pacific region.
Aramco is expected to pay $ 15 billion for this stake, which leverages the oil and chemicals trade with Reliance Industries for $ 75 billion.
Gazprom Naft, the oil branch of the Russian gas company Gazprom, said Thursday that the Iraqi oil field of Badra has produced 1.8 million tons of oil since the beginning of the year 2109.
Gazprom holds 30% of the project it operates. The Iraki Oil Exploration Company controls 25%, South Korea Kogas holds 22.5%, Malaysia Petronas 15% and Turkey TAPO 7.5%. (Agencies)
[ad_2]
Source link
