Tokyo: Oil prices fell for the first time in four days on Tuesday, taking breath, analysts said, after weeks of advantage was driven by a rebound in global demand that contributed to the lack of energy in Europe to Asia.
Brent crude fell 26 cents, or 0.3%, at $ 83.39 a barrel on 0211 GMT, after touching a three-year high on Monday on the way to face 1.5%.
Oil A.S.
Down 33 cents, or 0.4%, to $ 80.19 per barrel, after also rose 1.5% in the previous session, where he reached the highest in about seven years.
“There are still many momentum behind the oil and fundamental rally remains very profitable,” said Craig Erlam, senior market analyst at Oanda.
“Will it be surprising to see oil back in two digits later this year? Maybe not.” Power prices have increased to record in recent weeks, driven by energy shortages in Asia, Europe and the United States.
The price of natural gas that jumped also encouraged the power generator to exchange the burning fuel for oil.
Switching to oil from natural gas for power production can increase crude oil demand between 250,000 to 750,000 barrels per day, analysts have estimated.
In China, where large industrial areas see lack of power, thermal coal futures increases again on Tuesday at prices more than 10%.
Qatar, the world’s largest liquefied natural gas producer (LNG), on Monday told customers that it cannot help take a sense of out of energy prices and supply more fuel to the market.
“We maxed out, as far as we have given all our customers,” said Energy Minister Qatar Saad Al-Kaabi.
“I’m not happy with high gas prices.”