The cost of oil fell today to $ 108 a barrel, as investors have reacted to Iran's threat to halt exports, if the West is to tighten sanctions and focused on the fragile state of the global economy and its impact on oil demand.
Concerns about the state of the economy was revived after the world's largest manufacturer of tractors and excavators Caterpillar Inc (CAT.N) warned that the pace of economic slowdown, increased more than expected. Gloomy outlook adds concerns about the Middle East and the possibility of seating in the Atlantic Basin.
Prices were also under pressure on expectations that U.S. crude inventories rose for the third straight week, as imports rebounded.
Oil reserves are expected to have increased by 1.7 million barrels for the week ended October 19. Recall that in the previous week, domestic oil reserves rose by 2.9 million barrels to a level of 369.2 million barrels, according to the Energy Information Administration.
Iranian Oil Minister Rostam Ghasemi said Tehran could stop oil exports if the pressure from Western sanctions intensify. Note also the country's oil exports have fallen to their lowest level in more than two decades.
Also influenced the growth of oil in the Middle East. At least seven people were killed and dozens wounded in a shootout in the Lebanese capital Beirut and the coastal areas of Tripoli on Monday. The clashes intensified fears that a civil war is now seeping into Syria, Lebanon, and could spread throughout the region.
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is $86,18 per barrel on the New York Mercantile Exchange.
December futures price of North Sea Brent crude oil mix is now $107,72 a barrel on the London Stock Exchange ICE Futures Europe.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.