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Brent Nears $80 as Macro Weakness Dents Sentiment

11/28/2022 | 06:44am EST

Brent Nears $80 a Barrel as Macro Weakness Dents Sentiment

1034 GMT - Brent crude is nearing $80 a barrel as low demand from China and weak macroeconomic signals weigh on prices. Brent is down 3% to $81.21 a barrel, the lowest since Jan. 10. "Short term it is possible to see oil prices below $80 a barrel, but only for a short period," Helge Andre Martinsen, senior energy analyst at DNB Markets, says in a note. Much of the current weakness is related to macroeconomic slowdowns but over the long term "restricted shale oil production growth, lower Russian oil production (EU embargo and G7 cap), and an end to SPR releases will tighten the oil market over the next months," he says. OPEC+ will likely cut oil output if prices fall below $80 a barrel, Martinsen adds. (yusuf.khan@wsj.com)

 
Companies News: 

Superdry in Talks With Bantry Bay Over Replacing GBP70 Mln Line of Credit

Superdry PLC said Monday that it is in negotiations with specialist lending provider Bantry Bay Capital Ltd. to replace its existing asset-backed lending line of credit of up to 70 million pounds ($84.7 million), which expires in January.

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PensionBee Group Assets Under Administration Top GBP3 Bln

PensionBee Group PLC said Monday that it has achieved assets under administration of over 3 billion pounds ($3.63 billion) in November due to high customer retention and strong net inflows.

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Brickability 1H Pretax Profit, Revenue Rose; Backs Full-Year Market Views

Brickability Group PLC said Monday that pretax profit and revenue in the first half of fiscal 2023 both significantly rose on a strong performance across all group divisions, and backed full-year market expectations.

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Yu Group Expects 2022 Results Ahead of Market Forecasts

Yu Group PLC expects to report revenue, adjusted earnings and operational cashflow above market expectations for 2022, citing an "exceptional trading performance" that should continue into the new year.

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Inspiration Healthcare's FY 2023 Sales Not Expected to Beat Prior Year

Inspiration Healthcare Group PLC said Monday that sales for the fiscal year ending in January are unlikely to significantly exceed the same period a year earlier, with Ebitda for the second half expected to be less than the first.

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Condor Gold to Raise up to GBP4.2 Mln via Loan Note Issue, Open Offer

Condor Gold PLC said Monday that it is planning to raise up to 4.2 million pounds ($5.1 million) via a loan note issue and shareholder open offer which will be used for working capital and to cover short term overheads.


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-28-22 0643ET

Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL 3.28% 84.03 Delayed Quote.-6.97%
BRICKABILITY GROUP PLC -0.75% 66 Delayed Quote.0.76%
CONDOR GOLD PLC -0.72% 17.125 Delayed Quote.12.01%
INSPIRATION HEALTHCARE GROUP PLC 0.00% 51.5 Delayed Quote.-12.71%
PENSIONBEE GROUP PLC 0.29% 70 Delayed Quote.29.31%
S&P GSCI BRENT CRUDE INDEX -0.08% 711.1668 Real-time Quote.-5.73%
SUPERDRY PLC -5.02% 117.2 Delayed Quote.-3.59%
WTI -0.28% 77.663 Delayed Quote.-8.77%
YÜ GROUP PLC 2.90% 710 Delayed Quote.36.36%
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