The barrel of Brent oil rises 3.90% and exceeds the barrier of 100 dollars

The barrel of Brent oil rises 3.90% and exceeds the barrier of 100 dollars

The price of a barrel of Brent oil for delivery in October ended this Tuesday in the London futures market at $100.22, 3.90% more than at the end of the previous session and above the $100 barrier, which had lost earlier in the month.

North Sea crude, a benchmark in Europe, ended the day on the International Exchange Futures with an increase of 3.76 dollars compared to the last trade, when it closed at 96.46 dollars.

After falling last week to close to 90 dollars, a level that Brent has not lost since the Ukraine war began, Saudi Arabia has suggested that it is evaluating cutting its production to avoid a further drop in prices, which triggered the European crude negotiations during today’s session.

“Given concerns about weak demand and difficulties for prices to advance, some OPEC members are starting to get nervous as they consider possible future stops in the price,” said Michael Hewson, an analyst at OPEC. CMC Markets consultancy.

The expert stresses, however, that the low levels of inventories in many countries “should contribute to keeping prices low.”

The fall against other currencies of the US dollar, in which oil futures are traded, also boosted the price of Brent today.

Investors are also paying attention to the eventual return of Iranian oil to the market.

The Rystad Energy consultancy indicated for its part that Russian oil production will remain high during the rest of the summer, but it is expected to fall later due to “a broad economic recession” in the country and a “fall in the operations of the refineries and crude oil exports”.

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