Volatility in the stock market weighs oil prices

  • Oil prices fell Monday morning during the ongoing volatility of global stock markets and the back of a firmer US dollar.
  • Brent Crude – The Global Oil Goal Mark – traded 0.36% to $ 77.34 per barrel midfielder in London

    Intercontinental Exchange

  • West Texas Intermediate Futures, the US oil standard, traded down 0.40% at USD 67.32 per barrel on the New York Mercantile Exchange.


Stock markets: Global stock indices have fluctuated between steep losses and small gains in recent weeks, with the Dow Jones Industrial Average, S & P 500 and Nasdaq Composite on track for its worst month for over eight years. The market turmoil has weighed on energy markets, with Brent coming down around 1[ads1]2% from four years at the beginning of the month. Shares showed signs of stabilization Monday morning.

U.S .. Dollar: Greenback, which has a reverse relationship with dollar-denominated goods like oil, has strengthened over the last month. The WSJ Dollar Index, which measures the US currency against a basket of 16 of its peers, was up 0.06% Monday morning.


Iran: US sanctions against Iran's oil industry are set to come into force at the start of next week. "Compared with the high Iranian exports in the spring, the market can thus be removed over 1.5 million barrels a day in total. The supply situation is therefore likely to tighten on something in the short term, and it is up to OPEC's willingness to make the mistake, analysts say


wrote in a note Monday, predicting that Brent would again rise above $ 80 a barrel this year. President Trump in May drew the United States out of an 2015 international agreement to curb Iran's nuclear program, setting the scene for repositioning sanctions on the OPEC member.

  A pump jacket is viewed at Sinopec-operated Shengli oil field in Dongying, Shandong Province, China.

A pump jacket is viewed at Sinopec-operated Shengli oil field in Dongying, Shandong Province, China.


aizhu chen / reuters

Saudi Arabia and OPEC: Saudi Arabia – the de facto leader of the organization of the petroleum exporting countries – and partners outside the cartel, led by Russia, have gradually hit up the raw production since the summer, in part to compensate for the Iranian wallpaper. "It is a sure effort that Saudi oil production will reach 11 million barrels a day before the end of 2007. The end result is that Saudi Arabia and Russia will have added nearly 1.5 million barrels a day in the second half of the year," said Stephen Brennock, analyst at PVM Oil Associates Ltd. in Iranian supply. It can therefore be said that the Saudi-Russian energy association has done a good job of compensating for the decline in Iranian exports – at least for the moment, "he wrote in a note Monday.


  • The American Petroleum Institute, an industry group, reports weekly data on American oil inventory Tuesday, followed by official government data Wednesday.
  • BP

    PLC reports third quarter earnings Tuesday.

Write to Christopher Alessi at

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