18/05/2024 11:01
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Oil: Prices rising again  


Oil prices have returned a higher Tuesday morning in the wake of the rise in Asian equity markets. Around 5:30 GMT, the December contract on the U.S. light crude gained 78 cents, or 1.23%, 64.00 dollars a barrel and Brent took 44 cents (0.72%) was 61.85 dollars.


The price of crude oil had previously declined falling in the wake of the decline in these same markets asia-makers on fears of a recession mission which would undermine the global demand for oil. But exchanges in Asia are en-suite revenues in the green, like that of Tokyo, which finished up 6.41% on échat a good account and then appears that the yen-weakening . The contracts on crude had closed sharply lower Monday - more than 3% and the lowest since May 2007 - a meeting sawtooth who copied it but Wall Street and fears of recession, and their expected impact on oil demand, eventually dominated. And even though OPEC decided Friday to reduce its production by 1.5 million barrels per day. For many people, this reduction in emergency by the cartel in Vienna Friday not enough: not a stop falling prices.
The gesture of OPEC to reduce supply to try to support prices has actually answered a multiple-cation signs of reduced demand, among others, USA, the first consumer of petroleum products.
The barrel has become a diving-geon of nearly 60% compared to its record three months ago and a half over 147 dollars. The price of crude oil were down Tuesday in sensitive electronic trade in Asia to address fears of recession and falling demand, according to brokers. In morning trade, the price of a barrel of light sweet crude for December delivery fell 89 cents to USD 62.33 a barrel.
The barrel of Brent oil for December delivery lost $ 1.28 a 60.13 dollars. Monday, oil prices have declined, with new floors met in New York but in London or prices rose briefly below 60 dollars, the market still concerned about the consequences of a possible global recession. On the New York Mercantile Ex-change (Nymex), a barrel of light sweet crude for delivery in December finished a U.S. $ 63.22, down 93 cents compared to the closing of Friday. His course is dropped up to 61.30 dollars, its lowest level since May 2007.
Prices are even fell below the psychological $ 60 in London for the first time since March 16 in 2007, up 59.02 dollars.
Source: AMi/PMD  


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