Brent futures lost more than 2% and WTI futures just below, heading for a monthly depreciation.
The prices of Petroleum They fell in general this Thursday and traded lower for the second consecutive session, after the government of USA reported weak demand for fuel in the country and a surprise increase in Bookings.
In this way, crude oil futures Brent They fell $1.74, or 2.08%, to $81.86 a barrel. Meanwhile, the futures of West Texas Intermediate (WTI) They fell $1.32, or 1.67%, to $77.91 a barrel. Thus, both are headed for a monthly decline, although of different proportions.
In Uruguaythe behavior of the oil price last month opened to the Ursea recommend, in your report Import Price Parity (PPI)a decrease in the values of the fuels for sale to the public. Thus, gasoline could reduce its value by around 2.6%, while diesel could drop by 6.47% and supergas should also fall by up to 5.43%.
The reasons for the decline in oil
crude oil stocks USA fell more than expected last week, as refineries hit their highest utilization rates in more than nine months, according to data from the U.S. Energy Information Administration. However, there was a surprise increase in inventories of gasoline and distillate fuels as demand weakened even as production increased.
“Weakness in gasoline markets has continued to drag down the rest of the oil complex,” he wrote. Alex Hodes, oil analyst at StoneX brokerage.
Analysts expected that the holiday Memorial Day In the United States, on May 27, the start of the summer driving season in the country, will boost demand for fuel. However, the EIA’s measure of gasoline demand fell about 2% from the previous week to 9.15 million barrels per day.
Putting further pressure on oil prices, investors’ risk appetite has been tempered by the prospect of a delay in monetary easing in United States and Europe, said analysts at financial brokerage ActivTrades. “The fear trade” is dominating financial markets ahead of Friday’s PCE price index data, they wrote to their clients.
Oil investors are also cautious ahead of the meeting of the OPEC+ this weekend. The group of producers will decide whether to extend, deepen or reverse the cuts
Source: Ambito
