Brent oil will fall after $ 80 a barrel, the highest since October 2018

An employee in the Irkutsk region of Russia owns a sample of crude oil at an Iraqi oil company owned by Irkutsk Oil Company. REUTERS / Vasily Fedosenko / File Photo

  • Brent will have the highest since 2018, while WTI is the highest since July
  • When OPEC opens the pipelines, the African giants are struggling to shed more
  • China faces power shortages, hitting factory output

LONDON, Sept. 28 (Reuters) – Brent oil on Tuesday, after raising $ 80 per barrel for the first time in three years, was marred by a power outage at a factory in China.

Brent dropped $ 1.15, or 1.5%, to $ 78.38 at 11:17 a.m. EDT (1517 GMT) after hitting a high of $ 80.75 in October 2018.

The West Texas Intermediate (WTI) bold has hit a record high of $ 76.67 since July, losing $ 1.03, or 1.4%, to $ 74.42 a barrel.

Prices face rising winds in China, the world’s largest energy consumer.

Industrial Bank Barclays says: “The latest energy economy could measure economic activity to reduce emissions for industries in China. Read more

Profitability at the height of the session also put pressure on Brent, and some investors could say that China’s housing bubble could hit the country’s economy and fuel demand, said Ricks Dixon, senior oil market analyst at Restad Energy.

Dixon went on to say that Brent’s $ 80 increase in fuel demand and concerns about a tight supply are a new topic in the market.

Hurricanes in the US Gulf of Mexico in August and September damaged Ida and Nicholas, platforms, pipelines, and processing centers, shutting down most coastal production for weeks. Read more

Top oil exporters, Nigeria and Angola, have said they will fight at least next year to increase quotas set by the Organization of Petroleum Exporting Countries (OPEC), citing investment and maintenance problems. Read more

Many other OPEC + producers who cut off production during the epidemic are struggling to recover. Read more

“Oil markets are accelerating as supply shortages continue to plummet,” Barclays noted.

The bank raised its 2022 Brent price forecast to 77 77 a barrel and raised WTI by $ 74.

Morgan Stanley Brent sees trading in a coffin for $ 85 in the third quarter, according to Barrel.

India, the world’s third-largest oil importer, said rising oil prices would speed up the transition to alternative energy sources. Read more

As economies recover from the epidemic, oil demand will rise sharply in the next few years, OPEC forecast Tuesday, despite a shift in energy, and should continue to invest in production to ease global warming. Read more

Additional report by Rod Nickel in Winnipeg and Tokyo by Yuka Obayashi; Edited by Jason Nellie, Edmund Blair and David Gregory

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