The July contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Friday (22) with a slight increase of 0.26%, quoted at US$ 96.60/barrel, but with an accumulated loss of 4.37% in the week. The expiry of the same month of Brent recorded a moderate advance of 0.94% in Intercontinental Exchange (ICE)The price of crude oil, trading at US$103.54/barrel, is down 5.23% weekly. In this trading session, the market continued to follow developments in the Middle East conflict and conflicting information regarding negotiations for a definitive ceasefire. As reported by Sky News Arabia, Tehran's top officials reached a general understanding on the nuclear issue, which would help advance negotiations with the United States, given that this is one of the main points of contention between the two countries. On the other hand, the spokesman for the Iranian Ministry of Foreign Affairs, Esmaeil Baghaei, said that it is not yet possible to say that an agreement is close, stating that there are "deep and extensive differences." US Secretary of State Marco Rubio, in turn, stated that there has been some progress in talks with Iran, but that an agreement is not yet certain. On the radar, the United Arab Emirates reported that the decision to leave the Organization of the Petroleum Exporting Countries (OPEC) was solely aimed at maximizing revenue and had been under consideration for three years. The cartel's next meeting to discuss possible production adjustments is scheduled for June 7th. According to sources cited by Reuters, the group is expected to approve a further increase in oil supply.
This text was translated by machine from Brazilian Portuguese.