Oil closed lower on international markets on Thursday.

The July contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) closed this Thursday (4) with a significant drop of 3.1%, quoted at US$ 93.04/barrel. The August contract of Brent fell 2.84% in Intercontinental Exchange (ICE)Oil, traded at US$95.03/barrel. In this trading session, prices were pressured by the ceasefire between Israel and Lebanon, announced on Wednesday night (3). The agreement increased investors' expectations that a broader understanding could be reached between Washington and Tehran, reducing the risks of disruptions in the global oil supply. The market is especially following the possibility of reopening the Strait of Hormuz, a strategic route through which about a fifth of the world's oil passes. Iran has already signaled that any progress in negotiations will depend, in part, on the end of clashes between Israel and Hezbollah, a Lebanese group supported by Tehran. In the political field, investors also reacted to the approval, by the United States House of Representatives, of a resolution that seeks to limit President Donald Trump's ability to expand US military involvement in the conflict with Iran. The measure, however, still needs to be approved by the Senate and, subsequently, overcome a possible presidential veto, a scenario considered unlikely by analysts. On the other hand, oil losses were partially limited by news related to global supply. Russian Deputy Prime Minister Alexander Novak acknowledged on Thursday that the country's oil production has fallen since the beginning of the year due to unscheduled maintenance at refineries. This was the first time a Russian official had officially admitted to a reduction in production since the start of the operational disruptions.

This text was translated by machine from Brazilian Portuguese.