New York. Oil prices fell about 2 percent on Tuesday amid concerns that slower economic growth in the United States and China could reduce demand for energy, especially after prices climbed more than 7 percent over the previous three days.
The European benchmark Brent crude oil fell $1.88 (2.31 percent) to $79.55 a barrel, while the American benchmark West Texas Intermediate (WTI) crude oil fell $1.89 (2.44 percent) to $75.53.
For its part, the Mexican export mix fell by 1.52 dollars (2.09 dollars), closing at 71.05 dollars per barrel, according to the price published by Petróleos Mexicanos (Pemex).
“The market is nervous, particularly with the situation in Gaza and a potential conflict with Iran,” said John Kilduff of Again Capital, explaining the sharp price swings, which rose more than 3 percent on Monday.
Technical traders said prices for both contracts fell after failing to break through resistance around the 200-day moving average on Monday, in a market that moderated the impact of the political crisis disrupting production in Libya.
The price drop is also due to statements by the spokesman for the US National Security Council, John Kirby, who said that “progress continues” in the negotiations for a possible ceasefire in Gaza.
In the United States, consumer confidence rose to a six-month high in August, but people are increasingly concerned about the job market.
Rising unemployment has helped raise expectations that the U.S. Federal Reserve will cut interest rates next month. Lower rates can boost economic growth and demand for oil.
Goldman Sachs cut its average Brent price forecast for 2025 by $5 a barrel, citing slowing demand in China. The bank lowered its Brent price range to $70-$85 a barrel, and its average forecast for 2025 to $77 a barrel from $82.
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– 2024-09-04 15:44:11
