London, August 20 (EFE).- A barrel of Brent oil for October delivery closed Tuesday on the London Futures Exchange down 0.59% to $77.20.
North Sea crude, the benchmark in Europe, fell $0.46 from the last trade on the Intercontinental Exchange (ICE), when it closed at $77.66.
Oil prices continue to fall after recording their biggest drop in two weeks on Monday, by more than 2.5%, as bearish investor sentiment prevails in the face of weak economic data from China, in the face of current tensions, events in the Middle East, and the development of the conflict between Ukraine and Russia.
In a similar vein, Goldman Sachs analysts said in a note on Tuesday that Brent crude could fall to $68 a barrel by the end of 2025 if demand for crude from the Asian giant remains at current levels or declines in the face of next year.
Last week, Chinese home prices fell to a nine-year low, the country’s unemployment data rose, and last month, Chinese refiners sharply cut crude oil production in response to falling fuel demand.
Moreover, on the geopolitical level, Brent responded modestly to the news that Israel accepted on Tuesday a US proposal to advance negotiations on a ceasefire plan in the Gaza Strip, and that it could ease fears that an escalation of the conflict in the region will affect oil supplies. Evi
Lord / Advertisement
“Beeraholic. Friend of animals everywhere. Evil web scholar. Zombie maven.”