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Photo: Courtesy N24
(Caracas, July 12 .News24) .- The prices of oil indices have shown a significant drop in their prices because of renewed fears of the beginning of a cycle of recession, for the US government's tariff decisions, Beijing's possible reactions and reports of increases in production from Libya and Saudi Arabia, which cancel out the effects of the decline in the oil production in the country.
the marker and reference oil for the New York market, lowered its price by US $ 2.96, setting the price per barrel at US $ 70.61.
Brent, the benchmark crude oil on the London market, decreased its price by US $ 3.75, putting the price of its barrel at US $ 74.36 per barrel.
OPEC basket, the crude oil of the 15 member countries of the organization, opened with a gain of 1.11 dollar, bringing the barrel price to 76.34 dollars.
The price of the Venezuelan oil blend for the week ending July 6th was set at 461.73 Y. per barrel. Our oil is traded in yuan, unlike what happens on the international market, where the US dollar reigns.
This price behavior responds to growing fears for the beginning of a recessionary cycle, boosted by the North American government's pricing policy decisions and the likely reactions that the government of Xi Jin Ping applies, in retaliation.
This recessive cycle is manifested in the reaction of global stock markets, which fell back yesterday in their indices, frightened by the impact it will have on economic activity, the president's decisions Trump.
Moreover, it was known that oil production in Libya had stabilized and that oil deliveries had been revived from the four ports of this African nation, which had been closed due to factional clashes. who were trying to take control of the country. In addition, yesterday it was learned that Saudi Arabia would have increased its oil production by more than 459,000 barrels a day, a figure that exceeds the quota approved by OPEC last month. This Saudi behavior, seems to be an attempt to close the commercial options in the energy market, for its rival, Iran.
Finally, it was known that, according to the July OPEC Monthly Oil Market Bulletin, Venezuela would have fallen, in its level of crude oil production in nearly 50,000 barrels compared to the previous month. May 2018, putting its oil production level at 1,340,000 barrels of crude oil, by June 18.
Computer Graphics: N24
Written by Rafael Antolinez
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