Under $100 per barrel returned his price oil Brent, with the market now closely monitoring developments which can affect the Prices.
Oil prices decrease gradually from the previous weekWhere Brent nearly exceeded $110 per barrel, due to Saudi efforts to maintain oil exports despite recent acceptance, but also because of the G7 talks and the meetings Donald Trump will have this week with leaders of the Persian Gulf countries.
Brent retreated earlier to $99.39 per barrel taking a daily drop of 4.54% While the American WTI retreated to $95.66The fall attributed to indications on Saudi oil exports, but also on expectations of diplomatic progress in contacts around Iran's war.
At the heart of Saudi Arabia
The image of Saudi exports is now one of the key factors for the market and then the Huthi attack that caused problems in argon transport through the East-West pipeline towards the Red Sea, Saudi Aramco increases charges from terminals in the Persian Gulf.
According to data from TankerTrackers.com citing Reuters, Aramco loaded on Sunday about 14 million barrels of argon oil in seven very large tankers (VLCC) from ports in the Gulf.
At the same time, Saudi flows through the Strait of Hormuz have increased significantly and, as JPMorgan analysts say,The flow averaged 2.9 million barrels. the day over the last six days, from just 700,000 barrels a day in August.
At the G7 table strategic reserves
At the same time, the next G7 movements acquire particular importance for the oil market, with French President, Emmanuel Macron, announcing that the G7 countries will hold a meeting dedicated to the energy crisis in the coming weeks, with the aim of strengthening cooperation and securing supplies.
As noted in a Bloomberg report, the debate is expected to move around the possibility of releasing strategic energy reserves, as well as lifting restrictions, as had been done a few months ago.
This is a possibility that markets are closely monitoring, as well as a coordinated release of stocks could increase the supply of crude at a time when geopolitical developments have reduced the quantities available.
At the same time, US strategic oil reserves have already retreated to a particularly low level. According to U.S. Energy Ministry data, its reserves were formed last week at 284.6 million barrels, at the lowest level since October 1982.
Trump contacts
The third factor that can affect prices is diplomatic mobility in New York, where the UN General Assembly is held.
THE Donald Trump expected to meet with leaders or foreign ministers the six countries of the Gulf Cooperation Council (Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman) on the main subject of Iran's war and strategy for the next day.
According to Reuters, discussions are expected to focus onUS design for the post-war period, with the president of the United States saying he hopes that the war with Iran is at the end ofHe said Tehran wants a deal.
For the purchase of oil, any indication of progress towards an agreement is of particular importance, according to analysts citing the same information. A de-escalation could limit the geopolitical premium which has been incorporated into the prices of the crude and reduce fears of further disturbances in exports from the Middle East.
However, at the same time the Huthi attacks and problems in Saudi energy infrastructure recall that the risks to supply remain high.
