Economy 09-08-2018

Brent oil drops 3.04% to 72.28 dollars

The barrel of Brent crude for delivery in October closed today in the London futures market at 72.28 dollars, 3.04% less than at the end of the previous session.

North Sea oil, a benchmark in Europe, ended the day at the International Exchange Futures with a decrease of $ 2.27 compared to the last trade, when it ended at $ 74.55.

Fears that the growing trade tension between China and the United States will affect the Asian giant's demand for oil today pushed the price of oil in the London futures market.

Pekín has decided to impose tariffs of 25% on a new selection of products imported from the US worth 16,000 million dollars, an escalation that analysts say could cool the Chinese economy in the coming months.

"China's latest trade data shows a relatively weak (oil) demand. The country's crude appetite is down to its standards, "said David Madden, an expert with CMC Markets.

"Commercial tensions have taken a new negative turn and that can add even more pressure on crude oil," the analyst added.

Operations in London were also affected by a weekly drop in US reserves below what the market had anticipated.

US inventories fell by 1.4 million barrels to 407.4 million barrels, while industry experts expected a decline close to 2.3 million barrels.

Gasoline reserves for the automotive sector rose by 2.9 million barrels, while those for distilled fuels, including diesel and heating oil, rose 1.2 million barrels.

La República

 
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