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Monday 17 May 2021

News preview The price of oil falls and will go down again

The price of oil falls and will go down again

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Brent oil is down 2%, to $ 69,3 a barrel, a two-week low. In addition to Trump's tweets on new tariffs on China, there is Saudi Arabia's decision to lower the price of oil sold to the United States, a move that should completely reduce fears of a shortage of crude oil. The war in Libya, the attempted coup in Venezuela, the entry into force of sanctions against Iran and the hiccup exports of Russia to Eastern Europe, become little in the face of the risk of a slowdown in the cycle world economy, caused by a possible crack in the negotiations between China and the United States. Brent has lost almost 10%, from the period highs reached at the end of April, but also taking into account the attitude of Russia, not inclined to extend the agreement on production for another six months, could still go down a lot: the two graphical thresholds are at 65 dollars and 60 dollars a barrel. The next OPEC + meeting is on May 19th.

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