Thus, the main increases were for Vista Energy (+5.1%), Petrobras (+3.5%) and Exxon (+1.6%).
Cedears: oil companies lead the increases due to the strong rebound in the barrel
Oil companies led the increases in the Buenos Aires stock market, given the rise in the barrel of oil, due to the fact thatExpectations of an adjustment in global crude oil supply for the rest of 2023 They overshadowed concerns about weaker economic growth and rising U.S. inventories.
Thus, the main increases were for Vista Energy (+5.1%), Petrobras (+3.5%) and Exxon (+1.6%).
The barrel of crude oil was trading higher today in the international markets of New York and London. West Texas Intermediate crude oil (WTI), which operates on the New York futures market (Nymex), advanced 2.1% and was trading at $90.36 the barrel in contracts with delivery in October.
Likewise, oil Brent of the North Sea, which does so in the London electronic market (ICE), gained 2.2% and the barrel was agreed at $93.86 but in the contracts for November, according to what was reported by the Bloomberg agency.
Extension of oil production cuts by Saudi Arabia and Russia will cause a deficit in the market until the fourth quarterthe International Energy Agency (IEA) said on Wednesday, before a bearish report on US inventories caused a slight decline in prices.
“That this genuinely bearish stock report has only sparked a brief temptation to sell speaks volumes and underlines the market mentality,” said Tamas Varga of brokerage PVM. Likewise, he added that the adjustment of the oil balance will continue to be the dominant driver of prices during the rest of the year.
Source: Ambito
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