Europe is back with gains. Oil and gold are falling – markets in a minute

It consumes oil. Gas prices go down

Oil continues to trade with slight losses, at a time when a fresh contraction in industrial activity in China has exacerbated concerns about falling demand. However, for the first time since October, “black gold” is heading to close the month with gains.

West Texas Intermediate (WTI) – traded in New York – is down 0.50% to $87.46 a barrel, and remains trading below $88 a barrel. Brent North Sea – the reference for European imports – drops 0.54% to 95.25 dollars per barrel.

In monthly terms, the price of crude oil is up 9% this month, following the O . decisionOrganization of Petroleum Exporting Countries and Its Allies (OPEC+) to reduce oil production by two million barrels per day. The measure is effective in November.

The price of natural gas contracts negotiated in Amsterdam (TTF), which is a reference to the European market, fell 4.95% to €132.415 per megawatt-hour, after two consecutive days of rise. Contributed to this fall are above-average temperatures for this time of year, which delayed the need for heating, which allowed to increase the reserves of this raw material.

However, the CEO of the Italian energy giant Claudio Descalzi warns Eni SpA that the recent drop in natural gas prices may not last. “It is a temporary situation. We will have problems in 2023, because in 2023 we will not have Russian gas,” he said in Abu Dhabi, according to Bloomberg.