Oil prices turned lower with the opening of the American market on Tuesday after rising earlier than the European market, to continue its wide losses for the second day in a row, recording the lowest level in two weeks, under pressure from global demand concerns, in addition to the increase in production of the “OPEC” organization during June June, this comes before the release of preliminary data on crude stocks in the United States.
US crude declined by 2.9% to $69.49, the lowest since July 21, from the opening level at $71.56, and recorded the highest level at $71.91, and Brent crude fell by nearly 2.4% to $71.32 a barrel, the lowest in two weeks, from The opening level was at $73.04, and the highest level was recorded at $73.52.
When prices settled on Monday, US crude lost 3.0%, its first loss in the last four days, and Brent crude fell 2.7%, its second consecutive daily loss, following weak data in China and the United States.
Yesterday's data showed a slowdown in the growth of the manufacturing sector in China and the United States during July, which raised fears again about the continued recovery of the global economy during the third quarter of this year, and its negative impact on levels of fuel demand.
A Reuters survey showed that oil production from the Organization of the Petroleum Exporting Countries (OPEC) rose in July to its highest level since April 2020, after the decision to ease production restrictions under the “OPEC Plus” alliance agreement, and after Saudi Arabia gradually canceled its voluntary cut. in its oil production.
Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a decline in stocks for the second week in a row. Tomorrow, Wednesday, official data will be released by the American Energy Agency.
No comments:
Post a Comment