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Petrobras ‘reference’ barrel (PETR4) drops 8% in November with the turmoil of covid-19 in China

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Oil has a month of falls, with news from China taking over.

O Petroleum closed the trading session this Wednesday (30) on a strong high, reflecting the advance of vaccination in China and the possibility of cuts in oil production from 2023.

At 18:00, the WTI futures contracts (American reference) and Brent (international reference) gained, respectively, 2.80% and 2.81%. With that, the benchmarks move away from the lows of the year registered at the beginning of the week.

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Despite the day’s gains, oil ends the month of November with a devaluation of 5% for crude oil and 8% for Brent.

It is worth noting that Brent is the type of barrel used by Petrobras (PETR4) to assess its pricing policy.

Covid-19 in China makes news

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The advance of a new wave of covid-19 in China, considered the most serious in six months, ruined the ‘yay yay’ climate of the markets with the rumor of a complete reopening of the country in the coming months.

Today, the country is facing not only a daily accumulation of cases that number around 40,000, but also a wave of protests in several cities.

Fearing a deterioration of political instabilities, Beijing and local authorities consider putting into practice changes in the ‘Covid Zero‘, which has scared off oil investors.

The repeal of mass tests and the concentration of lockdowns in areas of greatest contagion are some of the policies that are already starting to take effect in cities like Guangzhou, one of the epicenters of the new wave.

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Source: Moneytimes

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