Tokyo, Oct. 12 (BNA): Oil prices fell for the first time in four days on Tuesday, analysts said, after weeks of gains fueled by a rebound in global demand that is contributing to energy shortages in European economies. to Asia.
Brent crude was down 26 cents, or 0.3 percent, at $83.39 a barrel at 0211 GMT, after touching a three-year high on Monday on its way to a 1.5 percent rise.
And US oil fell 33 cents, or 0.4 percent, to $ 80.19 a barrel, after it also rose 1.5 percent in the previous session, when it reached its highest level in nearly seven years, according to Reuters.
“There is still a lot of momentum behind higher oil prices and the fundamentals are still very favorable,” said Craig Erlam, chief market analyst at OANDA. “Would it be a surprise to see oil come back in triple digits later this year? Probably not.”
Energy prices have risen to record levels in recent weeks, driven by energy shortages in Asia, Europe and the United States. Also, the high prices of natural gas encourage power generators to replace cleaner fuels with oil.
Analysts estimated that switching to oil from natural gas for energy production could boost crude oil demand by between 250,000 and 750,000 barrels per day.
In China, where major industrial regions are experiencing power shortages, thermal coal futures rose again on Tuesday with prices rising more than 10%.
HF