After starting the week on the upside, Oil prices fall for the third day in a row.
For this Thursday, September 1, oil prices extended their fall as a China’s New Lockdown Raises Fears Over High Inflation And Interest Rate Hikeswhich has led to fuel demand concerns.
“Oil demand in the Western world, as well as in China, is stagnant, while the supply expands more and more, in large part, thanks to the US shale oil boom”said the analyst Julius BaerNorbert Rucker, according to information collected by Television newscasts.
Along with China, the market is also watching for a possible revival of the 2015 nuclear deal between Iran and the West. If it could be saved, it would allow the Organization of the Petroleum Exporting Countries (OPEC) an increase in its production. According to Emmanuel Macron, President of France, The deal is expected to close in “the next few days.”
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Prices of a barrel of Brent and Texas oil today, September 1: how much does it cost and how much is it quoted?
According to the most recent update of Oil Price Chartsrecognized website with more than 150 oil indices and mixtures worldwide, for this Thursday, September 1, a barrel of crude Brent is trading at $92.62 dollars, while the American equivalent, West Texas Intermediate (WTI) is at $86.98.
The prices of the same in relation to the previous day, at approximately the same time (1:00 p.m. ET), were $96.64 dollars for Brent and $90.44 dollars for WTI, which means that both prices fell about four percent.