He Petroleum fell on Tuesday, reversing the strong increases of the last two sessions, due to investors’ caution before the meeting of the OPEC+ this Sunday, in which the group of producers could debate the deepening of supply cuts due to the slowdown in global growth.
Both contracts gained about 2% on Monday, after three OPEC+ sources told Reuters that the group, formed by the Organization of Petroleum Exporting Countries (OPEC) and its allies, will consider additional oil supply cuts when it meets on November 26.
At mid-morning, the futures of the Brent fell 80 cents, or 1%, to $81.52 a barrel, while those in the West Texas Intermediate in the United States (WTI) also fell 80 cents, or 1%, to $77.03.
“There is no doubt that the upcoming meeting of OPEC+ energy ministers will be one of the most crucial in recent times as investors look for clues as to whether hints and rumors will be backed by action,” he said. Tamas Varga, from the PVM brokerage.
OPEC+ is likely to expand or even deepen supply cuts of oil until next year, according to eight analysts.
Helima Croft, of RBC Capital, indicated that “we see some room for the group to make a deeper reduction, but we anticipate that Saudi Arabia will seek additional barrels from other members to share the adjustment burden.”
He Petroleum has lost about 16% since the end of September, since pumping in USAthe world’s leading producer, remained at historic highs, while the market was concerned about the growth in demand and the economic slowdown.
The latest U.S. inventory reports are expected to show crude and gasoline stockpiles rose last week, according to a Reuters poll on Monday. This week’s first report from the I will be published on Tuesday.American Petroleum Institute.
The effect in Uruguay
This effect could have an impact on the price of Uruguayan fuel, causing it to drop, after keeping November prices stable. The price was marked by three consecutive increases before the current month in the values of the Super 95 gasoline, he gasoil and the supergas.
Currently, the Super 95 gasoline currently costs 77.54 pesos per liter, the gasoil 50S remains at 59.39 pesos per liter, and the supergas at 76.75 pesos per kilo.
Source: Ambito
