It was expected that the measure would help relieve prices, but the market reacted in the opposite direction. (Image: ISTock/Jo_Souza)
The price of oil It rises this Monday (7), even after OPEC+ announces a higher increase than expected in production for August, of 548 thousand barrels per day. It was expected that the measure would help relieve prices, but the market reacted in the opposite direction.
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Around 10:20 am (Brasília time), the most liquid contracts in the Brentinternational price reference, advanced 1.30%, to US $ 69.19 the barrel at Intercontinental Exchange (Ice), in London.
The contract of WTIreference in the market of USA, for August it was high of 1.71%, at $ 67.62 the barrel in the New York Mercantil Exchange (Nymex), in the US.
According to market analysts, high on commodity today reflects commercial tensions that increase the risk of additional pressure on prices. In addition, they comment that extra supply can be easily absorbed in the face of stronger seasonal demand in the coming months.
The decision of OPEC+which brings together the world’s leading oil exporters, meets pressure from countries like the US to contain gasoline prices. The increase in August is the largest since April and involves large producers as Saudi Arabia, Russia and United Arab Emirates. The group justifies the increase based on solid foundations, such as low stocks and global economic stability.
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Since April, OPEC+ He has gradually reversed the 2.2 million barrels a day cut previously to support prices. With the release scheduled for August, there is only one fraction of this volume to resume.
According to sources heard by ReuterS, the group is expected to approve in September another 550,000 barrel increase per day, ending the volunteer cut reversal cycle. The adjustment that expands the production quota of the United States will also be completed. The decision must be made official at the next meeting of the OPEC+scheduled for August 3.
*With information from Reuters
Source: Moneytimes
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