[ad_1]
Oil prices fell for the second straight day on Friday, reaching their lowest level in more than a year due to concerns over the increase in global supply and the slowdown in oil prices. Economic Growth.
The international benchmark, Brent, lost up to 3.7% to US $ 60.29 in the morning in London, its lowest level in more than a year. This is down 30% from October's high of $ 86.74 a barrel.
West Texas Intermediate, the US marker, has weakened 4.5% to $ 52.15.
A 0.3% rise in the dollar index, a dollar indicator compared to a basket of six peers, also weighed on oil prices.
The decline in crude oil left underperforming stocks in Europe, with the Stoxx index down 0.3%, while the broader Stoxx 600 index was stable.
Movements by major Chinese oil companies have been larger, with concerns about slowing growth and the potential economic impact of the trade dispute with the United States adding to the pressure. Cnooc fell by 1.6% and PetroChina by 0.9%.
This week's data from the US Energy Information Administration showed that US crude inventories rose 4.9 million barrels from the previous week to 446.9 million barrels, its highest level since December. 2017.
But according to investment strategist Eddy Loh of Credit Suisse, a rebound is on the way: there is talk of Opec announcing a reduction in production at its next meeting on 6 December.
Developments in Iran could also have significant short-term price implications. The Trump administration recently exempted a number of countries from US sanctions on importing Iranian oil, allowing the country's largest customers to continue buying crude for an additional six months.
However, Mr Loh said that there was talk of possible sanctions on the part of the EU on Iran. It is likely that "the market will still lose considerable volumes of Iranian crude in the coming months in a staggered manner".
"Seasonal effects are expected to drive up prices at the end of the year, as refineries conclude their maintenance programs for the fall," he added.
Source link
