The prices of Petroleum continue your recovery after agreement on US debt ceiling that prevented a default in the largest consumer of crude oil in the world and, that the employment data indicated a possible pause in the rate hike cycle of interest from the Federal Reserve. Attention is focused on this weekend’s meeting of The ministers of the oil-producing countries and their allies.
The Brent crude futures go up US$ 1.60 to US$ 752% compared to the close of Thursday, June 1, which was located at $74.3. For its part, US crude West Texas Intermediate (WTI) scale close to 2.2% until reaching U$S 71.7, that is to say $1.4 to trade just above US$70 per barrel. Even so, both contracts were aimed at his first weekly loss in three weeks.
In the first two days of the month of June, the markets calmed down following the bipartisan agreement to suspend US government borrowing limitwhich amounts to 31.4 trillion dollars, which prevented a sovereign default that would have vehemently shaken financial markets world.
After a May in which the price of oil fell about 11%as reported by Ámbito Financiero, both references recorded your biggest daily earnings in almost a month, recovering from two consecutive sessions of losses on the eve.
Likewise, the employment data in the United States that were known this Friday, which revealed that the labor market remains robustso it could be intuited that the Fed will cease, at least for a while, interest rate hikes promoted the uptrend in the price of crude oil.
The future of oil production
In spite of the slight recovery in the prices of a barrel of crude oil, the attention of investors It is set at the meeting next Sunday 4 June Organization of Petroleum Exporting Countries and their allies, which includes Russiacollectively called OPEC+.
It should be remembered that, last April, the organization surprisingly announced a cut of 1.16 million barrels per day and that since then prices receded until reaching the levels prior to the cut. However, sources cited by Reuters they maintain that “It is unlikely” new cuts to pumping occur.
However, Chinese manufacturing data, the world’s second largest oil consumerthey gave a mixed picture so we will have to wait until Sunday to see What do the oil powers decide? about.
Source: Ambito
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