Oil stops and reduces. Gas progress slightly

The price of oil is falling slightly and cutting the gains it recorded early on Tuesday morning, when it recorded the largest rise in a month.

at stake pReviewing the reduced supply of this raw material, after Saudi Arabia defended the reduction of crude oil production by the Organization of Petroleum Exporting Countries (OPEC). The decision will be known at the organization’s meeting next Monday, the fifth of September.

The West Texas Intermediate (WTI), a benchmark for the United States, was down 0.07% to $96.94 a barrel, while Brent North Sea crude — traded in London and a benchmark for Europe — was down 0.56%, trading at $104.50 a barrel. .

This slight decrease may be driven by the statements of the Libyan state oil company, which indicates that it is still capable of producing about 1.2 million barrels of oil. This is after clashes were recorded in the country on Monday, raising doubts about whether crude exports can remain at their normal levels.

In the gas market, futures contracts for this raw material are increasing, after they fell on Monday by about 20%, with the return of fears of a greater tightening in the supply of this raw material, after the French company Engie revealed this. Gazprom will reduce exports to the country from Tuesday.

Meanwhile, Nord Stream is closed Wednesday for maintenance and doubts remain over whether it will reopen on September 2.

One-year gas futures traded in Amsterdam (TTF), a standard for the European market, rose 1.7% to €277.1 per megawatt-hour.