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Oil at the lowest level in 5 months, what are the factors that have influenced?

2023-12-07 10:11:15Biznes SHKRUAR NGA REDAKSIA VOX

Oil at the lowest level in 5 months, what are the factors that have influenced?

Oil remains lower in today's session as markets remain skeptical about the impact of OPEC+'s decision to cut production. Data published in China have also put pressure on prices.

London's Brent oil has dropped below $77 per barrel, while US Crude oil is trading below $72 per barrel. both contracts touched their lowest level since July 6.

Voluntary production cuts of about 2.2 million barrels per day for the first quarter of 2024 by OPEC+ have failed to support market sentiment, amid skepticism that the cuts will be fully implemented.

This reduction also includes the current voluntary reductions of Saudi Arabia and Russia, of 1.3 million barrels of oil per day. Even comments by Russian Deputy Prime Minister Alexander Novak that OPEC+ was "ready to take additional actions if necessary" did not affect market sentiment.

Meanwhile, the Russian president, Vladimir Putin, will visit the main countries of OPEC, Saudi Arabia and the United Arab Emirates, to hold talks that also include cooperation in the oil market. During the day, investors' mood was also hit by concerns about China's economic health.

On Tuesday, credit rating agency Moody's downgraded China's A1 rating to negative from stable, citing as the main reason "increasing risks related to a structural and persistent slowdown in the economy over the medium term and a decline in continuous development of the property sector". Meanwhile, according to US data from the American Petroleum Institute, crude oil inventories rose by 594,000 barrels in the week ended December 1.


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