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Due to the profit settlement and lack of favorable support after the significant rise in oil prices the previous day, the international crude oil futures price experienced a strong intraday shock on the 29th after the overnight market turned from falling to rising, and the end of the session was significantly lower, and the international oil price fell
at the close.
Light crude oil futures for November delivery on the New York Mercantile Exchange fell $0.
92, or 1.
12 percent
, to close at $81.
23 a barrel as of the close of the day.
London Brent crude futures for November delivery fell $0.
83, or 0.
93%,
to close at $88.
49 a barrel.
As Hurricane Ian made landfall in Florida, its threat to U.
S.
offshore oil and gas production faded, and market concerns waned
.
According to Reuters, citing multiple anonymous insiders, OPEC+ has begun to prepare to introduce production cuts at its monthly regular meeting in early October
.
Matt Parry, head of long-term energy market analysis at Energy Aspects, an energy information service, said he remained optimistic that
oil prices would return above $100 a barrel in the fourth quarter.
While fundamentals remain tight, for now everyone is focused on the macro side
.
Oil market fundamentals were bullish at the end of the year, and spot markets have reacted
to it.
