{"id":12483,"date":"2024-11-19T15:28:43","date_gmt":"2024-11-19T15:28:43","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=12483"},"modified":"2024-11-19T15:28:43","modified_gmt":"2024-11-19T15:28:43","slug":"brent-crude-fell-to-73-01-cents","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/12483\/","title":{"rendered":"Brent crude fell to $ 73, 01 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> slipped on Tuesday pressured by the restart of production at Norway’s Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.<\/p>\n

Equinor<\/span> (<\/span>EQNR.OL) has resumed partial production from the oilfield, Western Europe’s largest, following a power outage. An outage at the North Sea field helped prices to climb by over 3% on Monday.<\/div>\n
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Brent<\/span> crude futures were down 29 cents, or 0.4%, to $73.01 a barrel by 1240 GMT, while U.S. West Texas Intermediate crude futures slipped by 34 cents, or 0.5%, to $68.82.<\/div>\n
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“<\/span>I guess the partial restart of the Sverdrup field is the driver of the setback, as well as a slightly stronger U.S. dollar,” said Giovanni Staunovo, analyst at UBS.<\/div>\n
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The<\/span> U.S.<\/span> dollar edged up on Tuesday to within striking distance of its one-year high. A strong dollar makes commodities such as oil more expensive for other currency holders and tends to weigh on prices.<\/div>\n
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Another<\/span> continuing<\/span> outage provided support. Kazakhstan’s biggest oilfield, Tengiz, has reduced oil output by 28% to 30% for repairs which are expected to be completed by Saturday, the country’s energy ministry said.<\/div>\n
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A<\/span> rise in geopolitical tensions also supported prices.<\/div>\n
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In<\/span> a significant reversal of policy, U.S. President Joe Biden’s administration allowed Ukraine to use U.S.-made weapons to strike deep into Russia, two U.S. officials and a source familiar with the decision said on Sunday.<\/div>\n
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The<\/span> Kremlin said on Monday that Russia would respond to what it called a reckless decision by the Biden administration, having previously warned that such a decision would raise the risk of a confrontation with the U.S.-led NATO alliance.<\/div>\n
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Investors<\/span> are wary, said Toshitaka Tazawa, an analyst at Fujitomi Securities, as they are “assessing the direction of the Russia-Ukraine war after the weekend’s escalation”.<\/div>\n
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While<\/span> oil’s<\/span> outright price has found support this week, the market structure has weakened. U.S. crude flipped to contango for the first time since February on Monday in a sign that supply tightness was easing.<\/div>\n
Updated on