Towards 10h00 GMT (12:00 Paris), a barrel of Brent North Sea for delivery in December s'échangeait down 93 cents to 64.39 dollars on the InterContinental Exchange (ICE) in London. ( Finance Information City )
The downward trend that prevailed throughout the month of October with a fall never seen more than 30% in one month was needed again Monday morning after a brief parenthesis Friday.
Classes had ended the week firmed to 67.81 dollars, up 1.85 dollar in New York and 65.32 dollars in London, up 1.61 dollar, supported by a rally on Wall Street.
The scenario of a global economic recession has taken a consistent, feeding fears on the consumption of black gold. Latest bad news in time, the confidence of entrepreneurs and consumers in the euro zone fell in October to its lowest since 1993.
The decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce its offering of 1.5 million barrels per day (MBD) from 1 November seems therefore insufficient time to reverse the trend.
The decision "will take time to develop," said Sunday the Algerian Minister of Energy and President of the cartel.
"Several countries including Algeria, the Emirates, Iran, Nigeria have already announced their declining production. It is expected that other members (of the cartel, ie) inform their clients to assess the impact of the decision by the cartel in Vienna on the market, "he said.
Saudi Arabia, a leading de facto OPEC and traditional ally of the Americans, in particular has not yet given the decline in its offer, a sign threatening the oil market.
"Several OPEC countries have reduced their production 5%, but the market awaited with nervousness that Saudi Arabia makes all", has stressed Olivier Jakob, Petromatrix analyst firm.
Traders seem little moved by the prospect of a further contraction in supply from OPEC in December, already raised by harsh members of the cartel, such as Venezuela.
In this context dominated by fears about consumption, just as they ignored the violence in Iraq, where there are oil reserves among the largest in the world. The Iraqi Vice-Minister of Petroleum, Qoutoub Saheb Salman, was wounded by a bomb Monday when a double attack was six dead in front of a police building in the Iraqi capital.
"The bull cycle for 2007-2008 has ended, and we expect that prices continue to fall to $ 50, before recovering, analysts predicted the Bank of Barclays Capital in a technical note.
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