Oil falls as fears of a harsh Israeli response to Iran fade.
The prices of Petroleum They widened their losses this Thursday after a 3% drop in the previous session, as investors shifted their focus to signs that a broader conflict between Israel and Irankey to the global economy and trade.
The Brent futures fell 63 cents, or 0.72%, to $86.66 a barrel, while U.S. crude futures West Texas Intermediate (WTI) They were trading 64 cents lower, or 0.77%, at $82.05 a barrel at 0947 GMT.
Investors are undoing the geopolitical risk premium in oil prices. Petroleum given the perception that any retaliation from Israel to the Iranian attack last Saturday will be moderated by international pressure.
Iran is the third largest producer in the Organization of Petroleum Exporting Countries (OPEC), according to Reuters data, and a relaxation of its conflict with Israel would reduce the possibility of global supply interruptions.
For their part, the analysts of JP Morgan highlighted in a note late on Tuesday that global consumption of Petroleum So far in April it has been 200,000 barrels per day (bpd) below its forecasts, with an average of 101 million bpd.
The increase in crude oil inventories in USA It also stopped prices. The inventories of Petroleum grew by 2.7 million barrels to 460 million barrels in the week ending April 12, the Energy Information Administrationalmost double what analysts expected in a Reuters poll, who predicted an increase of 1.4 million barrels.
The stockpile increase was due to lower refinery utilization at a time when processing typically ramps up ahead of the summer, boosting U.S. demand.
The prices of Petroleum fell on Wednesday despite the United States’ announcement that it would not renew a license that expired on Thursday and that had largely eased oil sanctions on Venezuela.
Source: Ambito
