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While oil prices recorded a slight increase this Friday, September 9 due to possible interruptions in Russian deliveries and the drop in the dollar, Algerian crude, the Sahara Blend, observed a further decline and settled below $90 a barrel.
According to website figures OilPrice, the Sahara Blend recorded a new drop on Friday. Indeed, Algerian crude lost 0.41% to reach 87.98 dollars per barrel. And this, after reaching 92.08 dollars a barrel last weekend.
Since the beginning of the armed conflict between Russia and Ukraine, the Algerian Sahara Blend had reached important records, especially during the month of June when it came close to 130 dollars a barrel.
After falling, oil prices are recovering
Black gold prices regained ground on Friday after two consecutive days of decline. On September 9, North Sea Brent crude for November delivery gained 2.68% to settle at $91.83 a barrel. While US West Texas Intermediate (WTI) for October delivery rose 2.55% to $86.09 a barrel.
“Brent oil is trying to climb above the psychologically important level of $90 a barrel, even as it continues to trade around its lowest levels since February,” said analyst Han Tan, adding that “prices are rising in light of the decline in the US dollar”.
This increase comes on the fringes of a global economic context marked by the armed conflict between Russia and Ukraine. Particularly the possible interruptions of delivery of Russian hydrocarbons. Because Moscow had threatened to close its gas and oil taps to Western countries which would cap the prices of its hydrocarbons.
“Investors jumped in on Russian President Vladimir Putin’s threat to ‘freeze’ Europe this winter by cutting off energy exports altogether,” noted analyst Stephen Brennock.
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