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Brent price drops below $80

Brent price drops below $80
Brent price drops below $80

THEAt 5:20 pm (Lisbon time), a barrel of North Sea Brent (a reference in Europe) for delivery in February lost 3.35% and remained at US$79.91.

A barrel of North American West Texas Intermediate (WTI) crude for January delivery was down 3.26% and was at $74.42.

This new drop in the price of oil to levels very close to the lowest of this year, occurs one day after the entry into force of the European embargo and the imposition of a limit of 60 dollars per barrel of Russian oil, a measure that was agreed by the Union European Union, G7 and Australia.

Moscow has repeatedly said it will not sell oil to countries that enforce this cap.

On Sunday, the OPEC+ alliance, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 other producing countries, including Russia, indicated that it had decided to continue to apply a cut in oil production in 2023.

A prudent decision, which analysts from Energi Danmark, quoted by AFP, justify with “persistent uncertainty as to the effect of the new sanctions applied to Russian oil”.

Added to this situation is the uncertainty about the situation of the covid-19 pandemic in China, the world’s leading importer of crude oil, despite the recent announcement of some measures to ease the restrictions in force and the fear of a new tightening of the policy. monetary policy by central banks to fight inflation, which can slow down economic activity.

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The article is in Portuguese

Tags: Brent price drops

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