OPEC cuts elevate oil barrel value

The oil closed at 1% on Wednesday, 18, looking for breath in the weekly data of the Department of Energy (DoE, in the acronym in English) of the United States, which, despite having thwarted market expectations with a significant advance of the stocks of Oil in the country, have revealed an unexpected volume indentation of the gasoline reserves, generating expectation of future runoff from crude oil. In addition, the Organization of Petroleum Exporting Countries (OPEC) reported that the agreement of offer cuts between members of the cartel and 10 other producers was met at 121% in June.

At Intercontinental Exchange (ICE) in London, Brent's barrel for September had won US $0.74 (+ 1.03%), at US $72.90. Already the WTI for August rose US $0.68 (+ 1.00%), at us $68.76 per barrel, in the New York Mercantile Exchange (Nymex).

Always attentive to the weekly numbers of the DoE, investors found in the data regarding gasoline stocks a reason to blow the broad advance of the crude oil reserves. The latter jumped 5,836,000 barrels, contrary to the predicted fall of 3.3 million barrels of analysts heard by the Wall Street Journal. But the gasoline stocks have receded 3,165,000 barrels, much more than the 400,000 barrels projected by the market.

The look towards the variation of the fuel took the oil quotes from the red and established them in positive territory, in a consolidated movement also with the announcement by the Joint Committee of Ministerial monitoring of OPEC that the members of OPEC +, group that It brings together the countries of the cartel and other major producers of the commodity, cut production more than expected last month, complying with 121% of the reduction of the offer settled under the agreement.

For OPEC +, considering market conditions for the month of July, countries must meet at 100% the right cut or overcome it again. Source: Exam.


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