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Oil prices fell on Tuesday after almost 2%increased at the previous session, when traders have been closely monitored in the Russian conflict.
Anton Petrus | Moment | Gets the image
On Tuesday, oil prices bought a position when the escalation of the war of Ukraine raised issues on the sustainability of Russian supplies, while uncertainty is delayed about the influence of Washington policy on key oil consumers.
Brent futures with the end of November amounted to $ 69.46 a barrel at 10:54 am in London (5:54 am et), which is 1.92% more than Monday.
The front month in October, the NYMEX WTI contract traded at $ 65.97 per barrel, above 3.06%. WTI futures did not settled on Monday from a labor leave in the US.
Russian delivery
Moscow and Kyiv increased the fire stock exchanges in their three and a half years conflict when Reuters’ calculations indicate the Ukrainian drone attacks that close the facilities that make up at least 17% of the oil processing capacity in Russia. CNBC could not self -check the report.
President of Ukrainian Valodimir Zelensky promised “new deep strikes” against Russia in a social media Post on weekends without revealing the details. His promise comes against the backdrop of delaying us and European efforts to attract Kremlin leader Vladimir Putin to give in to bilateral negotiations to cease fire with his Ukrainian counterpart.
The White House separately applied indirect pressure on Russian oil consumers, introducing additional leaves in the import of Indian goods, which it attributed to the permanent buyer of Moscow rough in New Delhi. India criticized the beams as “unfair, unjustified and unreasonable.”
Further signs of deterioration of relations US President Donald Trump on Monday Monday doubled down About Lambasting traded with India as a “completely unilateral disaster”.
Critically, Washington has not yet moved against China, the world’s largest importer and the largest oil buyer since the introduction of G7 sanctions. Putin, Chinese President Xi Jinping and Prime Minister of India Narendra Modi met this week Summit at the Shanghai Cooperation Organization (SCO) at the Global South Unity Exhibition.
OPEC+
Also, the supply of oil investors are looking for signals outgoing policy from the octagonal subset of OPEC+ alliance-which consist of heavyweights in Russia and Saudi Arabia, as well as Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Emirates-related Emirates. This week 2.2 million barrels a day is considered a unlikely course of the strategy.
“We believe that, like the wide market, the group will leave the production level unchanged in October,” said Ing analysts on Tuesday. “The scale of excess by next year means that this is unlikely to bring additional delivery to the market. Higher risk is OPEC+, which decides to restore the reduction of supplies, given the concern.”
American bets
Market participants also follow after this week’s labor report in August, which is supposed to be taken into account at the US Federal Reserve Monetary Policy meeting on September 16-17. Currently, it is expected, presumably, while allegedly in this step, which can translate into a softer green appeal and push demand for goods such as oil.
