Oil rose strongly but is on track to end the quarter down 8%

Oil rose strongly but is on track to end the quarter down 8%

The price of a barrel of oil closed, this Thursday, March 30, in New York with a new rise due to the weakness of the dollar against a basket of currenciesin an attempt to mitigate quarterly losses, in the midst of a favorable climate for risk variables.

The barrel of the WTI variety gained 1.9% to close at US$74.30 while the Brent type rose 1.2% and traded at US$79.20, according to figures provided by the New York Mercantile Exchange (NYMEX). ).

In this way, when there is one day left to close the first quarter of the year, WTI registers a fall of 7.4% while Brent falls 8%, since the beginning of the year.

For analysts, itThe rise is consolidating given that an increase in the demand for crude oil is observed throughout the world. Investors estimate that at the beginning of April, many nations will try to stock up to face the summer season, in the northern hemisphere, with fuel consumption that will increase.

The prices were supported by the lack of execution of the arbitration ruling of an international court regarding the dispute between Turkey, Iraq and the autonomous government of Iraqi Kurdistan for the distribution of crude oil.which keeps blocked some 400,000 barrels of oil per day that were normally transported from Kurdistan to the Turkish port of Ceyhan and from there to the international market.

The entire oil market is attentively awaiting the decision of the nations that make up the Organization of the Petroleum Exporting Countries and their allies (OPEC+) scheduled for Sunday.

Investors and analysts are divided in their opinions as some consider that the cartel will maintain the cut of 2 million barrels per day of crude oil while others are inclined because the group would choose to increase the cuts to consolidate prices above 80 Dollars.

Natural gas contracts for May delivery traded at $2.11 per million BTU, which represents a 3.2% drop.

Source: Ambito

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