The price of Brent North Sea oil per barrel in September will be between 80-85 dollars. Igor Yushkov, one of the leading analysts at the National Energy Security Fund, made such a prediction in an interview with socialbites.ca and commented on the fact that fuel prices on the London ICE stock market fell by more than $84.29 per barrel, or 0.7%. the previous day.
“The US Federal Reserve, most likely, will not increase its key rate, and the parameters of oil production within the framework of the OPEC + alliance have already been announced. Price fluctuations are possible between $80 and $86 per barrel, but in general the most likely range is $80-85,” Yushkov said.
He explained that when the US Federal Reserve raises the rate, there is less money in the economy, including less money ending up in the stock market. This leads to a decrease in demand for commodities, including oil futures. Yushkov summarized that oil became cheaper because of this.
The expert said that the level of oil quotas in the fall will largely depend on oil demand in China and the actions of Saudi Arabia along with other OPEC+ countries.
The fluctuations in oil prices the previous day were influenced by the actions of stock speculators who played with negative statistics on production in China. But the specialist does not find them irritating.
More details – in material “socialbites.ca”.
Previously reportedHow statistics on the Chinese economy affect oil prices.