closing price: Oil prices fell on Thursday, reversing course after the announcement of a possible ceasefire in the conflict between Israel and Hamas in Gaza, which removed part of the geopolitical risk premium.
Price of a barrel of Brent BRENT Brent, or North Sea crude, is a variety of crude oil serving as a benchmark in Europe, listed on the Intercontinental Exchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for determining oil prices. In the North Sea for delivery in April, which was the first day of trading, fell 2.29%to close on $78.70.
For a barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variety of crude oil that serves as the benchmark for pricing crude oil and as the raw material for oil futures contracts on the Nymex (New York Mercantile Exchange). The stock exchange specializes in energy.) American, with a deadline in March, he lost 2.67%has $73.82.
WTI prices WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variety of crude oil that serves as the benchmark for pricing crude oil and as the raw material for oil futures contracts on the Nymex (New York Mercantile Exchange). The stock exchange specializes in energy. Green grew throughout most of the session, rising to the American reference variety 1.45%.
For Jose Torres of Interactive Brokers, he was supported by the decision of the Organization of Petroleum Exporting Countries (OPEC) and its allies in the OPEC+ agreement, which has already engaged with the cartels to maintain production cuts.
This month, the alliance implemented further production cuts 900,000 barrels per day, which should last at least until March.
They are in addition to reductions already announced in October 2022, April and June 2023, totaling approx. 5 million barrels per day.
After the OPEC+ ministerial meeting on Thursday, Russia’s Deputy Prime Minister for Energy, Alexander Novak, confirmed during an interview with the Rossiya 24 channel that the group is ready to “takeAdditional measures to stabilize the market“,
OPEC member Algeria has also signaled through the energy ministry that it is prepared to cut volumes beyond the first quarter.
But after Qatar’s announcement that Hamas “First positive confirmation“For a proposal for a humanitarian ceasefire and release of hostages in Gaza.
A source close to the Palestinian Islamic Movement, however, revealed to AFP that Qatar’s statement, which mediates on the matter, “Hasty and wrong“, and that consensus had not yet emerged.
“It appears to be a false start“, commented Andrew Lebo of Commodity Research Group,”But the market began to sell off in hopes of a truce, which could lead to an end to the war.“
According to Qatari diplomatic spokesman Majed Al-Ansari, Israel, for its part, “approved“Proposal for Palestinian Prisoner Break and Hostage Exchange.
“Still looks like we’re moving towards a truce“, estimates Mark Wagner of Excel Futures, who expects prices to fall, missing part of the risk premium associated with geopolitical tensions.
“Prices should be lower“, he argues, counting on WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variety of crude oil that serves as the benchmark for pricing crude oil and as the raw material for oil futures contracts on the Nymex (New York Mercantile Exchange). The stock exchange specializes in energy. has $67 In the coming weeks.
(c) AFP
comment Oil was pushed into the red by a possible ceasefire in Gaza
community barrel price
