The barrel of Brent oil, a reference for Angolan exports, for delivery in November, traded yesterday until close to market closing time, at US$85.3, falling for the first in the last six months to below US$90.
At the start of the session, the price of a barrel of Brent oil was fixed at 92 dollars, but on Tuesday, deliveries for November closed, in the London futures market, down 3.04 percent, to 92 .83 dollars. Fears of a decline in demand for oil, following a global economic slowdown, are weighing on Brent trading.
This scenario offset the upward momentum registered on Monday and motivated by the decision of the Organization of Petroleum Producing Countries (OPEC), led by Saudi Arabia and Russia, to cut production in October. For this year, Angola has placed a price of US$59 on the OGE as a reference, an option that gives the country’s accounts a break at current trading values.
