The August contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) closed this Wednesday (17) with a strong increase of 1%, quoted at US$ 76.01/barrel. The expiry of the same month for the Brent advanced 0.75% in Intercontinental Exchange (ICE), trading at US$79.55/barrel.
In this trading session, fuel prices were driven by a technical adjustment in positions, following the significant drop seen in previous days.
In addition, investors are also reacting to the recent supply and demand report published by International Energy Agency (IEA)According to the organization, the oil market will not be able to recover from the impact caused by the tension in the Strait of Hormuz this year.
As described in the document, global oil production fell to 94.5 million barrels per day (mbpd), a 12.5% drop compared to the start of the conflict. As a result, the entity states that global energy reserves decreased by almost 220 million barrels between April and May.
"Further declines in the coming months could push global oil reserves back to historically low levels, before the market equilibrium tilts toward a surplus by the end of the year," the agency says.
In the United States, the Energy Information Administration (EIA) It was announced that the volume of fuel stored in the country fell by 8.263 million barrels in the week ending June 12, to 418.2 million barrels, compared to market projections of a drop of 3.6 million barrels.
In the Middle East, US President Donald Trump has once again threatened Iran with new bombings if the Persian country does not accept the peace agreement for the region.
This text was translated by machine from Brazilian Portuguese.