Oil wipes out yesterday’s gains, losing more than 5%

(Londres) Le pétrole creusait ses pertes jeudi et perdait plus de 5%, soumis à un effet de balancier après des gains d’ampleur comparable la veille et alors qu’une poussée de COVID-19 dans le monde fait craindre pour la demande d ‘black gold.


France Media

At around 11:10 am, a barrel of New York-listed West Texas Intermediate crude for May delivery fell 5.51% to $ 57.81.

In London, the price of Brent crude oil in the same month was $ 61.04, down 5.23%.

“Recent twists and turns […] Melinda Edson, an analyst at Oanda, indicated that prices are still far from extinguishing, while prices have been rolling since the start of the week. She explains this through “concerns about future demand” for crude oil.

“Oil prices corrected the accumulated excess gains (Wednesday) after the siege of the Suez Canal, as the disruption effect is unlikely to last for a long time,” said Bjornar Tonhaugen of Rystad.

The Suez Canal, a major trade route between Europe and Asia, was closed for more than 24 hours by Ever Given, a container ship weighing more than 220,000 tons that was bound for Rotterdam from Asia.

Analysts at ING said that about 10 percent of global oil trade by sea passes through the canal.

Above all, cases of COVID-19 “are on the rise in major developing economies such as India and Brazil, where oil consumption is a major factor supporting prices.”I am Edson.

The countries come after the United States that are most bereaved by the Corona virus. Brazil also crossed the threshold of 300,000 deaths from the Corona virus on Wednesday, when India mourns more than 160,000 people.

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The Oanda analyst added that “in a short time, prospects for a global recovery deteriorated, raising questions about future demand” for black gold.

In addition, the market is frenzied a week before the next ministerial summit of members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies through the OPEC + agreement, scheduled to be held next Thursday, 1is being Avril.

Finally, investors digested the latest report from the US Energy Information Agency (EIA) on US crude stockpiles, as Wednesday reported a 1.9 million barrel rise from last week, which is more important than expected.

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