Oil falls more than 50 cents; remain near maximums due to scarce supply

The oil prices They fell slightly on Tuesday, but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world’s largest consumer.

At 09:22 GMT, crude Brent it lost 55 cents, or 0.6%, to $ 85.44 a barrel. Oil futures West Texas Intermediate (WTI) for the United States fell 56 cents, or 0.7%, to $ 83.20.

There was no specific reason for the price drop … The fact that the market remains tight should drive prices up, “said Carsten Fritsch, an analyst at Commerzbank.

Goldman Sachs said it is likely that the Brent exceed its year-end forecast of $ 90 a barrel, while Larry Fink, executive director of BlackRock, said there is a high probability that oil will hit $ 100.

While China’s coal and power markets have cooled somewhat after government intervention, energy prices remain high around the world as temperatures drop with the onset of winter in the Northern Hemisphere.

“The colder November forecasts have energy traders bracing for a very tight market that will face unprecedented demand this winter,” Edward Moya, senior market analyst at OANDA, said in a note.

“This oil market will remain tight and that should mean we are a news item or two away from $ 90 oil.”

The oil consume and distillates in the United States is back in line with the five-year average, after more than a year of depressed demand, and the market will be closely watching inventory levels in the world’s largest economy.

Oil inventories would have risen by 1.7 million barrels last week, while gasoline and distillate stocks would have fallen, according to a Reuters survey of analysts.

Avtar Sandu, senior manager of commodities at Phillip Futures in Singapore, said traders are also hoping for clarity on the outcome of talks for the reactivation of the 2015 Iran nuclear deal, after the United States said efforts were in progress. a “crucial phase” that could reopen the way for Iranian crude exports.



Reference-www.eleconomista.com.mx

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