The oil closed in decline on Wednesday, 17, after oscillating during the trading session. There was a recovery at the beginning of the day, reversing strong losses from the previous session, but the contracts began to oscillate and fall, after the weekly U.S. inventory report. More to the end of the trading session, there was a greater retreat, amid reports of the diplomatic effort of an American senator to approach Iran, while investors also monitored new, more modest projections for the price of the barrel.
The WTI oil for August closed in 1.46% drop, the US $56.78 the barrel, in the New York Mercantile Exchange (Nymex), and the Brent for September fell 1.07%, the US $63.66 the barrel, at the Intercontinental Exchange (ICE).
After a partial recovery early in the morning, the oil lost momentum with the numbers of American stocks. The Department of Energy (DoE) reported that U.S. crude oil stocks retreating 3,116,000 barrels in the week ended on the 13th, before predicting 3.6 million barrels of analysts heard by the Wall Street Journal. Already the gasoline stocks grew 3,565,000, before the expected fall of 2.4 million, and the Distillerates advanced 5,686,000 barrels, before projected increase of 400,000. The average daily production declined from 12.3 million barrels to 12 million.
After the DoE numbers, the oil reduced the gains, oscillated and then passed to the negative territory, even on the day of weakening the dollar.
Among the industry news, JPMorgan reduced from US $65 to US $59 its projection for the price of Brent's barrel at the end of this year, and from US $59 to US $52 at the end of 2020. The bank pointed out in a report that the weaker demand perspective has pushed prices.
In addition, the U.S. press reported that Republican Senator Rand Paul offered to President Donald Trump to meet with Iran's foreign minister, Mohammad Javad Zarif, to mitigate bilateral tensions. Trump accepted the idea, according to sources cited by the political website.
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