The oil prices 2% rose this Wednesday due to the concern for the world supply after new Washington sanctions to Chinese Iranian oil importers.
The Brent futures 2.1% AU $ S66 advanced per barrel, while the American crude West Texas Intermediate (WTI) advanced 0.3% Au $ S62.81.
The United States issued new sanctions against Iran’s oil exports on Wednesday, including a “teapot refinery” by China, at a time when the president Donald Trump It seeks to increase the pressure on Tehran and reduce its energy exports to zero. The measure coincides with the relaunch this month of negotiations with Iran about its nuclear program.
OPEC+ and possible new cuts to production
The organization of oil exporting countries (OPEC) received updated Iraq, Kazakhstan and others to perform new Petroleum production cuts That they compensate for the pumping above the agreed quotas, the group said, which further promoted the futures of crude oil.
On the other hand, the United States crude oil inventories increased, while gasoline and distilled fell last week, energy information administration reported.
The uncertainty about commercial tensions has led several banks, such as UBS, BNP Paribas and HSBCto cut your forecasts on the price of crude.
Wednesday data showed that China’s Gross Domestic Product (GDP) grew by 5.4% year -on -year in the first quarter, exceeding 5.1% expected in a reuters survey. “The results, better than expected, were due to exporters advanced shipments before the application of American special taxes to Chinese products and, in all likelihood, they will not be repeated during the rest of the year,” said Tamas Varga, PVM Oil analyst.
The concern for Trump’s tariff escalation, combined with the Increased production of the OPEC+ groupformed by the OPEC and allies as Russiaalready dragged the downward oil prices around a 13% This month.
Source: Ambito
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