OIL PRICES FALL AFTER US REPORT, BUT THE TREND IS TO RISE UNTIL THE END OF THE YEAR.
Oil futures contracts closed down almost 5% this Thursday, the 16th, taking the barrel to the lowest levels since July, and leaving Brent below US$73.
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Fears about demand in the world's largest economies put pressure on the commodity, while production increases in a number of countries. In this scenario, and without new developments that suggest an escalation in the conflict between Israel and Hamas, the risk premiums from the beginning of the war have also been returned.
SEE TOO
- China: The economic challenges ahead
- Saudi confirms cuts of 1 million barrels per day in Saudi oil production by the end of the year
- predicted rise in global demand
On the New York Mercantile Exchange (Nymex), WTI oil for January closed down 4.81% (-US$ 3.70), at US$ 73.09 per barrel, while Brent for the same month traded on the Intercontinental Exchange (ICE), closed down 4.63% (-US$ 3.76), at US$ 77.42 per barrel.
As a result, the shares of oil companies such as PRIO ( PRIO3 , R$ 45.33, -3.53%), 3R ( RRRP3 , R$ 31.69, -2.58%) and Petrobras ( PETR3 , R$ 37, 92, -2.02%; PETR4 , R$ 35.55, -1.74%) were among the highlights of the trading session's decline.
ANZ comments that the oil market is no longer so tight, with growth in supply from outside the Organization of Petroleum Exporting Countries (OPEC) more than offsetting strong demand. On Wednesday, the United States Department of Energy (DOE) indicated total stocks close to 17.5 million barrels, which eliminates fears of a shortage of the product.
