The commodity market remains choppy, with oil in the spotlight. The price of a barrel of Brent, a reference in Europe, is trading with a rise of 0.3% at the opening of the stock market, up to $92.36, its highest level so far this year and ten-month highs. . The rebound comes after the additional 1.3 million barrel production cut decreed by Saudi Arabia and Russia in their oil exports until the end of the year.
The decision, which will be reviewed monthly depending on the situation in the world market, adds to the voluntary reduction in force until the end of 2024, and puts pressure on the crude oil market, especially Brent, which has already flirted with the 90 barrier. dollars last week. West Texas, for its part, is also approaching this barrier after starting the day with an increase of 0.6%. Since the lows of mid-March, when it was trading at $66, it rose more than 34%, while Brent rose another 30% from the $71 it marked last June. “The rise in oil prices to annual highs represents a double threat in the short term for the markets,” says eToro’s global markets strategist.
The International Energy Agency (IEA) has warned of “a significant supply deficit” of oil until the end of the year as a result of the latest voluntary cut, while also warning of the risk of greater volatility due to the “low level of reserves.” . In its monthly report on the oil market that it published this Wednesday, the IEA has confirmed its forecasts for the growth of global demand, established at 2.2 million barrels per day, up to 101.8 million, a figure that is above of the 2019 record.
