Oil registers its biggest daily percentage drop since April 2020 and closes below US$95 a barrel.

The May contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) The June contract ended this Wednesday (8) with a significant drop of 16.4%, quoted at US$ 94.41/barrel, the lowest level for the contract since March 25. Brent fell 13.3% in Intercontinental Exchange (ICE), trading at US$94.75/barrel, the lowest price for the futures contract since March 11. 

In this trading session, contract prices registered the largest daily percentage drops since April 2020, at the beginning of coronavirus pandemic, pressured by the opening of Strait of Hormuzafter the ceasefire agreement two weeks established by United States and the Iran.

The Ayatollah's administration Mojtaba Khamenei He also stated that the attacks will be suspended if the US and Israel not to carry out any further bombings. 

During the ceasefire period, vessels may transit the Strait of Hormuz in coordination with the Iranian armed forces, as reported by… Minister of Foreign Affairs of the country, Abbas Araqchi.

Meanwhile, the Energy Information Administration (EIA) The US government announced that the country's oil storage volume increased by 3.081 million barrels in the week ending April 3, to 464.7 million barrels, compared to market projections of a 1 million barrel reduction.

This text was translated by machine from Brazilian Portuguese.