Petroleum prices fall in the face of an increased OPEC+ production forecast

Petroleum prices fall in the face of an increased OPEC+ production forecast

The price of the Brent barrel of the North Sea, for delivery in November, fell 3.08%, to $ 67.97.

The American equivalent, the West Texas Intermediate (WTI) for delivery in the same month, lost 3.45%, to $ 63.45.

“The market has lost more than half of the profits obtained last week,” said Stephen Schork, of The Schork Group.

“Return to reality”

Petroleum prices reached last week their maximums of the last two months, due to the escalation between Russia and the United States, and the threats of hardening the sanctions against the Moscow oil sector.

“Today we attend a kind of return to reality, with a market that returns to the fundamentals,” which means a downward trend, the analyst said.

“The market consensus seems to be (the OPEC+, NDLR) will increase its global fee by 137,000 barrels per day,” said Bjarne Schieldrop, SEB analyst.

This decision is expected to be approved by the Petroleum Cartel on Sunday.

Bryce

I am Bryce, a writer for Southshore Journal, and I bring my passion for general news to our dynamic team. My commitment to editorial quality and the responsibility of informing guide my daily efforts. Working in collaboration with our talented journalists and editors, I strive to provide accurate and current information for our attentive audience.