The June contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) It ended this Thursday (14) with a slight increase of 0.15%, quoted at US$ 101.17/barrel. The July contract of Brent advanced 0.09% in Intercontinental Exchange (ICE)Oil, trading at US$105.72/barrel, began its decline after starting the day lower, pressured by reports that the Iranian government had begun allowing some ships to pass through the Strait of Hormuz. However, the price of crude oil gained strength following reports that a vessel had been seized by "unauthorized persons" near the coast of the United Arab Emirates, increasing tensions in the Persian Gulf. During his visit to China with Xi Jinping, US President Donald Trump said that his counterpart had offered support in peace negotiations with Iran and expressed interest in an agreement to reduce tensions in the Middle East. Also on the radar was Bloomberg's report that the Organization of the Petroleum Exporting Countries and its Allies (OPEC+) plans to raise production targets again. In practice, however, the group's main members would have difficulty meeting these increases due to the conditions in the Strait of Hormuz.
This text was translated by machine from Brazilian Portuguese.