The drop in crude oil responds to the increase in inventories in USA and the signs that the group of producers OPEC+ will not change its production policy at next week’s technical meeting.
The Brent crude oil futures The May contract was down 70 cents, or 0.8%, at $85.55 a barrel by 1258 GMT, while the most active June contract was down 61 cents, or 0.7%, at $85.02. Dollars. The May contract expires tomorrow.
The US West Texas Intermediate crude oil futures (WTI) for delivery in May fell 59 cents, or 0.7%, to $81.03. Both benchmarks had fallen more than a dollar in the first operations of the day.
The prices of Petroleumalthough they have fallen since last week they reached their highest level since October, they remain 3% above the average closing price of the first week of March.
In that context it is that the Energy and Water Services Regulatory Unit (Ursea) suggested, when publishing his report Import Parity Prices (PPI) of the fuelsan increase in the price of naphtha and a decrease in the gasoil.
The PPI gives an increase of 1.72% in Premium 97 gasoline and 1.76% in Super 95 gasoline, while for 50S diesel the adjustment would be downward by 2.66% and for 10S by 2.65%. Supergas also gives a downward adjustment of 3.83%.
Currently, Super 95 gasoline is available at 76.54 pesos per liter, while Premium 97 is at 79.08 pesos per liter. In the case of diesel, 50S costs 54.89 pesos per liter and 10S, 62.10 pesos per liter.
What affects the price of oil globally?
U.S. crude oil inventories rose by 9.3 million barrels in the week ending March 22, according to market sources citing figures from the American Petroleum Institute on Tuesday. Distillate inventories increased by 531,000 barrels, but gasoline inventories fell by 4.4 million barrels.
The Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russiaknown collectively as OPEC+, are unlikely to make any changes to crude production policy until a full ministerial meeting in June, three sources told Reuters.
Next week that group will meet to review the market and members’ implementation of production cuts.
OPEC+ agreed this month to extend production cuts of about 2.2 million barrels per day (bpd) until the end of June, although Russia and Iraq They have had to make an extra effort to deal with overproduction.
Source: Ambito
