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October 26th. On Friday, the Mexican oil exporter posted a profit of 51 cents, against 71.91 dollars per barrel, announced Petróleos Mexicanos (Pemex).
According to Banco Base, oil ended for the third consecutive week with losses, in response to comments by Saudi Energy Minister Khalid al-Falih.
The Saudi minister said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies wanted to "produce whatever they can" and ensure the demand of their customers, especially as the market is waiting for US sanctions against Iran. November 4th.
The financial institution said the downward pressures were also due to the rise in risk aversion and the strengthening of the US dollar, which led investors to reduce their demand for oil, this last being considered as a risky asset.
The strengthening of the dollar makes oil less accessible to investors who have other currencies. However, losses have been reduced as the cartel has said it may be forced to cut production by 2019, as global stocks have risen.
Although OPEC's comments seem contradictory, the cartel and its allies are supportive of the stability of the oil price, suggesting that they will continue to monitor the oil market, increasing and decreasing oil production. oil if necessary.
In this context, West Texas Intermediate (WTI) crude advanced 0.26 cents to sell at $ 67.59 per barrel, while Brent gained 73 cents to hit $ 77.62 per barrel.
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