Tensions between the US and Iran push rise in the price of crude oil
The European stock markets and Wall Street are trading with gains after the publication of hopeful figures
At the opening of Thursday, April 23, due to the increase in tensions between Iran and the United States, oil prices rose so far at times deprived by difficulties related to the pandemic that until a few days ago had sunk the crude oil market to a pretty critical point.
Around 09:50 GMT, the barrel of Brent, the European benchmark, gained 9.33% and was selling at $ 22.27 after closing on Wednesday at its lowest level below $ 16. In New York, the US benchmark WTI barrel, was worth $ 15.68 in June, so it rose 13.79%.
According to statements by Craig Erlam, an analyst at Oanda: “The price of oil will rise again on Thursday,” although Erlam warns that at these price levels, “the percentage change can be misleading.”
According to Rystad Energy analysts’ forecasts for annual oil demand, a decrease of 10.4% is expected for 2020. That is, 10.3 million barrels per day (mbd), which translates into a quantity less than the 99.5 mbd consumed on average during the year 2019.
They also assure that the months of April and May will be the most affected, with a respective reductions of 26.7% and 19.5%.
K.Villarroel
Source: bancaynegocios
