According to rahnam news agency, quoted by Reuters, worries about a slowdown in demand in China pushed oil prices lower on Tuesday. Investors are focusing on the commercial information of this country as the second largest oil consumer in the world, which is to be published today.
The price of a barrel of Brent North Sea oil today decreased by 30 cents equal to 0.35% to 84 dollars and 88 cents. US West Texas Intermediate oil is trading at 26 cents, equivalent to 0.32% decrease, to 80 dollars and 56 cents.
Both of these oil indices increased by about 30 cents per barrel last day following the publication of a report on the extension of voluntary production cuts by Saudi Arabia and Russia until the end of this year.
But currently, all attention is focused on the demand side, especially from China.
China’s October import and export figures will be released today, and consumer price inflation data will be released on Thursday.
Analysts believe that the conflict in the Middle East can still change the trend of oil prices. Israeli Prime Minister Benjamin Netanyahu said the fighting would likely stop temporarily to allow aid to arrive and the hostages to leave, but rejected all calls for a general ceasefire despite international pressure.
Saudi Arabia announced on Sunday that it will continue its voluntary production cut of 1 million barrels until the end of 2023. In this way, the production of this country in December reaches about 9 million barrels per day.
Following Saudi Arabia’s statement, Moscow announced that it will continue to cut production by 300,000 barrels in December, which will affect the country’s crude oil and oil products exports.
On the other hand, Venezuela’s state oil company is negotiating with domestic and foreign oil field companies to lease equipment and services to revive its oil production.
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