The rise in oil continues to be supported by the prospect of tighter supply, after Saudi Arabia and Russia have extended their voluntary production cuts until the end of the year.
Oil does not seem to have a brake and Brent, the benchmark for Argentina, exceeds and is close to US$95. For its part, the West Texas Intermediate (WTI) reference for the US climbs to touch US$92 a barrel.
The rise of oil continues to be supported by the prospect of a tighter offer, after Saudi Arabia and Russia have extended their voluntary production cuts until the end of the year. Crude accumulates three consecutive weeks of increases and has set new annual highs.
“The production cutsled by Saudi Arabia, stabilized the market in July, but are now likely to push the market to a deficit of 2 million barrels per day in the fourth quarter,” ANZ analysts stated in a note, echoed by ‘CNBC’.
And that while the global demand It is on track to reach 2.1 million barrels per day. “The subsequent reduction in inventories in the fourth quarter leaves the market exposed to further price increases in 2024“, they add from ANZ.
Market attention is on the Fed
In any case, the market remains very attentive to the meeting of the US Federal Reserve (Fed) This week. And the decision made by the world’s largest central bank on interest rates could have repercussions on the equity market. raw Materials.
A pause in the increases could weaken the dollar, which would make dollar-denominated commodities, such as oil, more affordable for holders of other currencies.
Source: Ambito
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