This Friday June 9, crude oil prices experienced an increase and remained relatively stable during the week. In spite of the worry due to growth in demand oil companythe cuts in the saudi production compensated for this concern.
The fBrent crude futures They operate with an increase of 20 cents, equivalent to 0.26%, reaching US$76.17 per barrel. On the other hand, West Texas Intermediate registered an advance of 20 cents, representing 0.28%, reaching the $71.49 .
Both references experienced a drop of approximately $1 on Thursday, after recovering from a drop of more than $3. This reduction occurred after the denial of the United States and Iran regarding a report by the Middle East Eye that they were close to reaching a nuclear agreement, which could have led to the reintegration of the iranian barrels in the market.
At the beginning of the week, crude oil prices increased thanks to the commitment of Saudi Arabia to reduce production, but then saw their profits reduced due to the increase in fuel reserves in the United States already the weak data in Chinese exports.
“Now, attention will once again focus on the delicate situation of oil demandsaid Stephen Brennock, an analyst at PVM.
Oil plunged on reports of a possible US-Iran nuclear deal
This Thursday June 8 in New York, the price of a barrel of oil experienced a complete decline due to rumorslater denied, about an alleged agreement between the United States and Iran related to the nuclear activities of the islamic nation. It was believed that this agreement would result in a significant increase in the world supply of oil, in a context of depressed global demand.
The oil West Texas Intermediate (WTI) registered a decrease of 2.2%, while the Brent suffered a fall of 1.9%.
Rumors pointed to the possibility of an agreement between the United States and Iran that would imply the lifting of some sanctions on exports from the Persian country. However, the White House quickly discredited such reportswhich prevented further losses in the price of oil during the final stages of the day.
Source: Ambito
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