At 9:10 am (Brasilia time) this Friday (22), the July contract of WTI crude oil recorded a strong increase of 1.31% in New York Mercantile Exchange (Nymex), quoted at US$ 97.61/barrel. The contract expiring in the same month as Brent It was advancing 1.88% in Intercontinental Exchange (ICE), traded at US$104.51/barrel. However, both assets have accumulated losses for the week, of 3.38% and 4.38%, respectively. Yesterday (21), the WTI It fell 1.94%, to US$96.35/barrel, while the Brent Brazilian crude oil prices fell 2.32% to US$102.58/barrel. This morning, prices rose again amid doubts about a possible concrete breakthrough in diplomatic negotiations involving the United States and Iran. A high-ranking Iranian source told Reuters that the differences between the countries had diminished. At the same time, US Secretary of State Marco Rubio stated that there were "some good signs" in the negotiations. Despite this, significant disagreements persist, especially regarding Iran's uranium stockpile and control of the Strait of Hormuz. The market is trying to assess when a possible agreement could be concluded, in a scenario of reduced global oil inventories, while the flow of ships through the strait remains compromised. Investors are also watching the next meeting of the… Organization of the Petroleum Exporting Countries (OPEC) and Allies (OPE+)The meeting, scheduled for June 7th, is expected to see the group approve an increase in oil production, according to sources cited by Reuters. This would limit further gains in prices.
This text was translated by machine from Brazilian Portuguese.