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Oil: Markets down sharply

22/10/2021
Categories: Raw materials

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Oil takes a break, but nothing has changed fundamentally. Faced with the return of fears linked to Evergrande, the black gold markets recorded a sharp decline. However, the short-term outlook remains "positive".

Oil prices fell sharply on Thursday, under the effect of profit taking after a frenzied cavalcade, but the conditions remain in place to go higher. The price of a barrel of Brent from the North Sea for December delivery fell 1.41% or $1.21 in London from the previous day's close, to end at $84.61. In New York, the barrel of West Texas Intermediate (WTI) for the same month, which was the first day of use as a benchmark contract, lost 1.10% or 92 cents, to end at 82.50 dollars. The WTI thus caught its breath after having recorded nine increases in ten sessions, as well as the Brent which, if it had a more winding course, nevertheless gained more than ten dollars a barrel in one month.

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