Brent is down and with this trend at the end of September we will most likely see the worst closure since May 2010, a drop of 9% is expected. In fact, according to analysts, the causes of this pressure on prices will not disappear in the short term.
Oliver Jakob, analyst at Petromatrix in Switzerland comments on this situation: “Demand is very weak in the Atlantic area, prices are high, unemployment is high, we need more confidence and a change in the labor market situation to have a rebound".
Even according to EIA data, US crude oil demand was far weaker than expected and represented the largest drop in two years. Also adding to the nervousness among investors are signs of weakness coming from China.
Around 11,45 am, November futures on Brent lose 54 cents to 103,44 dollars and the same expiry date on US light crude oil drops 13 cents to 82,01 dollars a barrel.
