The July contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Thursday (21) with a sharp drop of 1.94%, quoted at US$ 96.35/barrel. The expiry of the same month of Brent plummeted 2.32% in Intercontinental Exchange (ICE)Brazilian crude oil, trading at US$102.58/barrel, saw investors react to reports that diplomatic negotiations involving the United States, Israel, and Iran had made significant progress. According to the Saudi state broadcaster Al Arabiya, the parties had reached a final preliminary version of an agreement mediated by Pakistan. This information was also released by the Iranian agency Ilna. However, by the time the market closed, none of the governments involved had officially confirmed the agreement. According to international media reports, the draft agreement provides for an immediate and comprehensive ceasefire. The document would also include an understanding on the reopening of the Strait of Hormuz, the main point of tension in recent negotiations. The preliminary text mentions guaranteeing freedom of navigation in the region, with shared monitoring between the parties. The market is also following discussions on… Organization of the Petroleum Exporting Countries (OPEC) and Allies (OPE+)According to sources cited by Reuters, the group's main producers are expected to approve a moderate increase in oil production for July during a meeting scheduled for June 7.
This text was translated by machine from Brazilian Portuguese.