The price of a barrel of Brent, the benchmark for crude oil in Europe, fell below 90 dollars on Wednesday 7 September. A first since February!
That hadn’t happened since February. The price of a barrel of Brent, the benchmark for crude oil in Europe, is dropped below $90. This happened on Wednesday September 7th and continues into this early morning of September 8th. At present, there remains just over $88a decrease of approximately 4% compared to 24 hours earlier.
Similar situation for the American West Texas Intermediate. The latter also has lost nearly 4%, to fall to $83.42. The barrel thus slips below the 85 dollar mark for the first time since the beginning of the year in progress, too.
This decrease is driven by fears of economic recession in the West. Blame it on the global cost of living crisis. But also at the weak demand in Chinain particular, where many cities are undermined by the confinements linked to Covid-19.
OPEC+ announcements did not have the desired effect
OPEC+ announcements of this beginning of the week, in order to support crude prices, will have done nothing about it. Indeed, the Organization of Petroleum Exporting Countries and their allies have decided to lower daily production by 100,000 barrels. The goal being to revert to august quotasto end the recent decline in prices and to address their volatility.
It worked this Monday, September 5, with a rise in the price of a barrel of Brent by almost 3%. Before a first almost similar decrease on Tuesday. Rebelote this Wednesday, therefore, to return to more affordable rates.
It remains to be seen what reaction OPEC will have to this. The alliance discussed, during its last meeting, upcoming discussions before the next meeting on October 5. It will be a question of answering, “if necessary, to market developments”.
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The price of a barrel of Brent, the benchmark for crude oil in Europe, fell below 90 dollars on Wednesday 7 September. A first since February!
That hadn’t happened since February. The price of a barrel of Brent, the benchmark for crude oil in Europe, is dropped below $90. This happened on Wednesday September 7th and continues into this early morning of September 8th. At present, there remains just over $88a decrease of approximately 4% compared to 24 hours earlier.
Similar situation for the American West Texas Intermediate. The latter also has lost nearly 4%, to fall to $83.42. The barrel thus slips below the 85 dollar mark for the first time since the beginning of the year in progress, too.
This decrease is driven by fears of economic recession in the West. Blame it on the global cost of living crisis. But also at the weak demand in Chinain particular, where many cities are undermined by the confinements linked to Covid-19.
OPEC+ announcements did not have the desired effect
OPEC+ announcements of this beginning of the week, in order to support crude prices, will have done nothing about it. Indeed, the Organization of Petroleum Exporting Countries and their allies have decided to lower daily production by 100,000 barrels. The goal being to revert to august quotasto end the recent decline in prices and to address their volatility.
It worked this Monday, September 5, with a rise in the price of a barrel of Brent by almost 3%. Before a first almost similar decrease on Tuesday. Rebelote this Wednesday, therefore, to return to more affordable rates.
It remains to be seen what reaction OPEC will have to this. The alliance discussed, during its last meeting, upcoming discussions before the next meeting on October 5. It will be a question of answering, “if necessary, to market developments”.
Also read on Auto-Moto.com:
Fuels: the government discount annoys Sandrine Rousseau!
Google Maps: a new way to save fuel
Gasoline prices: fuel shortages at some stations