Oil is trading lower this Monday morning.

At 8:50 am (Brasilia time) this Monday (6), the May contract of WTI crude oil recorded a sharp drop of 1.21% in New York Mercantile Exchange (Nymex), quoted at US$110.19/barrel. The June contract for the Brent It fell 0.21% in Intercontinental Exchange (ICE), trading at US$108.80/barrel. 

In the last trading session (2)The energy commodity closed up 11.4% on the Nymex, at US$111.54/barrel, and advanced 7.77% on the ICE, to US$109.03/barrel. For the week, the fuel accumulated gains of 18.4% and 3.52%, respectively. 

This morning, fuel prices were under pressure as investors awaited further updates on negotiations between the United States and the Iran, towards the end of the war in Middle East. 

The US and Iran began to structure a plan to end the conflict in the region; however, the Persian government rejected the immediate reopening of the conflict. Strait of Hormuz.

However, despite the disruption of operations on the route, some ships, such as an oil tanker of Oman and a container ship from France, have crossed the route since Thursday (2), according to navigation data from Iran.

Regarding the supply, the Organization of the Petroleum Exporting Countries and allies (OPEC+) defined, the day before (5), to expand its fuel production quota in 206,000 barrels per day (bpd) in May. Despite the increase, the volume represents less than 2% of the supply blocked by the closure of the Strait of Hormuz. 

This text was translated by machine from Brazilian Portuguese.