Oil prices continue to rise on September 21

After falling last Monday to the lowest level in eight months, oil prices are recovering and stabilizing. The oil market is going through tough times, marked by fears of recession and uncertainties surrounding the supply of black gold.

This Wednesday, September 21, 2022, the barrel of Brent from the North Sea for delivery in November gained 2.24% to reach 92.86 dollars per barrel, indicated the specialized site OilPrice.

According to the same source, the barrel of American West Texas Intermediate (WTI) for delivery in October rose by 2.09% to settle at 86.03 dollars a barrel.

“Oil prices have stabilized (…) as investors assess the darkening global outlook, with interest rates expected to rise further this week, which should limit aggregate demand“said analyst Susannah Streeter.

For its part, the Algerian crude, the Sahara Blend, recorded a further decline. Indeed, Algerian black gold lost 1.97% to reach 89.50 dollars per barrel.

Oil prices: what is the impact of the easing of containment in China?

Analysts believe that oil prices have recovered in the past two days due to the easing of health restrictions linked to the Covid-19 pandemic in China. As well as the easing of China’s lockdown measures and the impact of slowing global growth.

Because, it should be remembered, several major Chinese cities had confined their populations in recent weeks, which had a heavy impact on oil demand given that China is the largest oil importer in the world.

Gas prices reach their lowest level in Europe

While the oil market is beginning to regain its colors, the natural gas market is sinking and is approaching the lowest levels. Indeed, the futures contract of the Dutch TTF, benchmark of the European market, evolved yesterday at 188.005 euros per megawatt hour (MWh). And this, after having reached the lowest rate for two months at 169,790 euros.

The gas market in Europe is evolving on the fringes of a continental context marked by the war in Ukraine and the instability of Russian gas deliveries. According to analysts, natural gas prices are falling due to the increase in European stocks, which are around 80%, particularly among major gas consumers such as Germany and the United Kingdom.

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