The oil drop sharply as the u.s. consumer confidence deteriorates

oil prices fell sharply Tuesday in the course of the european exchanges after the publication of figures of u.s. consumer confidence down. " ALSO READ - Re

The oil drop sharply as the u.s. consumer confidence deteriorates

oil prices fell sharply Tuesday in the course of the european exchanges after the publication of figures of u.s. consumer confidence down.

" ALSO READ - Return to normal at the end of September for the saudi oil

Around 15: 00 GMT (17: 00) in Paris, a barrel of Brent North sea for delivery in November was 63,51 dollars in London, down 1.95% compared to the end of Monday. In New York, the barrel american WTI for the same maturity was trading at 57,60 dollars, 1,77% less than the previous day.

consumer confidence in the U.s. deteriorated in September, more than expected, because of the trade tensions between the United States and China, according to the Conference Board's index. The index amounted to 125,1 points, against 134,1 in August (-9,1 percentage points). Analysts expected 134 points.

"The escalation of trade tensions" between Beijing and Washington, which resulted in the imposition of new tariffs on the 1st of September, "seems to have shaken the consumers," said Lynn Franco, director of economic indicators at the Conference Board, in a press release.

analysts, who happen to official data released on Wednesday, expect that crude inventories decline 600,000 barrels on the week ended on 20 September, as well as a decrease of 564.000 barrels for gasoline and 500,000 barrels for distilled products (oil heating and diesel), according to the median of a consensus compiled by Bloomberg.

Updated Date: 25 September 2019, 00:00

Kathleen Lees

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