Oil is cheaper because of the fear of slowing economic growth * :: Investor.bg

Oil is cheaper because of the fear of slowing economic growth *

Photo: Reuters

Oil prices are falling Monday during the Asian session due to the fear of a slowdown in global economic growth, reports Reuters.

Futures on American crude oil WTI with delivery in September fell by 0.09% to $ 65.85 per barrel. Reduce at Brent variety is 0.08% to $ 71.77 per barrel.

According to technical analyst Wang Tao of Reuters, crude oil from Brent and the US is likely to be under pressure soon, with support of $ 70.62 per barrel and $ 64.83 per barrel, respectively.

"The disappointing data from the industry for China, along with the concerns about emerging markets and the situation in Turkey, weigh heavily on raw materials," said Edward Bell of Emirates NBD Bank.

In the US last week, US energy companies kept the number of operating oil platforms unchanged at 869, according to Baker Hughes.

"Lower oil prices should slow down the growth rate of production activity," Bell said.

Traders believe that sanctions against Iran may soon affect prices.

The US government has introduced sanctions against Iran, which will also focus on the oil market of the country from November.

According to the Reuters study, Iran is arbitrary about 3.65 million barrels of crude oil per day in July. This makes the country the third largest producer in the Organization of Petroleum Producing Countries (OPEC) after Saudi Arabia and Iraq.

On commodity markets gold rises by 0.73 percent to $ 1192.90 per gram after recent precious metal prices fell to a low of 19 months.

Dollar index, which measures the strength of US dollars against a basket of six major currencies, rose by 0.08% to 96.22 points. The dollar appreciates yen by 0.07% to 110.58 yen. The Australian Dollar traded below the US by 0.12% to $ 0.7304.

* The information is until 9:30

Source link

Leave a Reply