Mark Wagoner of Excel Futures is betting on a continuation of the Wall Street crash, ” which will help reduce prices “Raw,” with the strong dollar“.
Friday, September 30, 2022 ((rezonodwes.com)) – Oil prices fell Friday as the market continued to be concerned about weakening demand and amid refinery maintenance, the prospect of a possible reduction in production of the OPEC + cartel does not impress.
The price of a barrel of North Sea Brent for delivery in November, the last day of listing and use as a reference contract, lost 0.59%, closing at 87.96 dollars.
A barrel of US WTI West Texas Intermediate, also maturing in November, fell 2.14% to $ 79.49.
It is the first time since the first days of the pandemic, two and a half years ago, that black gold has recorded a decline of more than a quarter. These three months undermined by darkness and darkness heralded severe declinesEdward Moya, of Oanda, commented in a note.
And the slide isn’t over, warns Excel Futures’ Mark Wagoner. ” We are at the end of the summer and the American refineries are starting their maintenance operations“, Which traditionally occur in early autumn, a period of low demand.
The analyst also expects a continuation of the Wall Street crash “, which will help reduce prices “Raw,” with the strong dollar“. The WTI is expected to approach $ 70 within two to three weeks, a level it hasn’t seen since December 2021.
source: price per barrel
