Fear of lockdowns due to the increase in the number of corona infections in Europe and the United States has pushed oil prices considerably lower on Tuesday afternoon. As companies may lock up, demand for the most traded raw material in the world is falling again.
From April to June, the question was still raised. The forward market price of Brento oil, the basis for European petrol and diesel prices, fell by 4.3% on Tuesday afternoon to just $40 per barrel of 158.9 litres after the rapid increase in corona infestations. This is the biggest drop in two weeks, in early September a barrel cost another $5 more.
American WTI oil became 5% cheaper and stands for $38.60 per barrel priced in the futures market. Oil imports from Japan, the fourth purchaser in the world, turned out to be reduced by 25% in August.
More supply Libya
The heads of the worlds largest trading houses also provided a moderate recovery in oil demand against Reuters, with flat prices in the coming months and possibly even years. Air traffic has barely begun, the demand for kerosene remains.
The offer increased at the same time. The Sarir oil field in Libya was reopened after months of stagnation due to civil war, the director of Arabian Gulf Oil Company confirmed. With over a million barrels of oil a day last year, the country belongs to the medium-sized producers.
Oil traders also watched the approaching debate at 3:00 p.m. last night between presidential candidate Joe Biden and incumbent President Donald Trump.
According to traders, a flaring conflict in the Nagorno-Karabakh region also strengthened the sales series after Armenia called Turkey to account for interference in internal affairs, and a military aircraft was brought down. Turkey denied any involvement.
death of oil boss Sabahal-Ahmed al-Sabah
in the oil-rich Middle East, Sheikh Sabahal-Ahmed al-Sabah of Kuwait died. According to a government press release, his half-brother takes over the head of the oil state and member of the oil cartel OPEC. Discussions about the final follow-up at the top of the major oil state are not over, according to oil traders.
In Norway, moreover, a strike of oil workers was in the pipeline, their production represents the equivalent of 900,000 barrels of oil a day.
Analysts anticipated new figures from API, the American Petroleum Institute, which has its stock with probably 1.4 million barrels of oil per day. oil looks expand.