Brent crude fell by 1.63%, reaching $79.52.

Brent crude for October delivery closed this Thursday in the London futures market with a decrease of 1.63%, ending at $79.52.

North Sea crude, the benchmark in Europe, lost $1.32 compared to the last session on the Intercontinental Exchange (NYSE), when it finished at $80.84.

The price per barrel fell back below $80 this Thursday after recording its largest increase in over nine months, nearly 3%, in the previous session.

Investors fear that a potential escalation of the conflict in the Middle East, following the assassination of the Hamas leader in Iran, could affect oil supply, combined with a slowdown in crude demand from China after announcing worse-than-expected economic results.

USOIL

Despite this global scenario and the decline in crude prices, the OPEC+ alliance of oil-producing countries stated this Thursday that it will maintain its binding production cuts unchanged and continue with its plan to gradually lift voluntary reductions.

Despite the significant supply cuts by OPEC+, oil prices have moderated since April, when a barrel of Brent crude, the benchmark for Europe, exceeded $92, about $10 more than its current price.

Uncertainty over the problems in the Chinese economy, particularly the slowdown in oil consumption in the Asian giant, has put downward pressure on oil prices in July.

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Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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