Data Gold September 4th, according to foreign media analysis reports, the reaction of the crude oil market to the development of a series of events on Monday shows that the bearish sentiment is dominating the market narrative. Brent crude oil PA showed this dynamic, with the front-month contract falling 4.9% on Tuesday to close at $73.75 per barrel. This is the lowest closing price in nine months, continuing the downward trend since July 5th. The direct catalyst for Tuesday's sharp drop was the report that the parties vying for control of Libya had reached a protocol that could lead to the country resuming oil exports. Crude oil exports from major ports in Libya were halted on Monday, but the market's reaction to Monday's news was moderate, while the news of a potential protocol reached on Tuesday that would not immediately restart oil production was enough to cause oil prices to fall nearly 5%. This alone indicates that the market is currently seizing bearish news and amplifying it, while disregarding any bullish developments.
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Analisis pasar minyak: Sentimen bearish mendominasi narasi pasar
Data Gold September 4th, according to foreign media analysis reports, the reaction of the crude oil market to the development of a series of events on Monday shows that the bearish sentiment is dominating the market narrative. Brent crude oil PA showed this dynamic, with the front-month contract falling 4.9% on Tuesday to close at $73.75 per barrel. This is the lowest closing price in nine months, continuing the downward trend since July 5th. The direct catalyst for Tuesday's sharp drop was the report that the parties vying for control of Libya had reached a protocol that could lead to the country resuming oil exports. Crude oil exports from major ports in Libya were halted on Monday, but the market's reaction to Monday's news was moderate, while the news of a potential protocol reached on Tuesday that would not immediately restart oil production was enough to cause oil prices to fall nearly 5%. This alone indicates that the market is currently seizing bearish news and amplifying it, while disregarding any bullish developments.