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Photo: Archivo / Noticias24
(Caracas, July 17, News24) .- The prices of oil indices continue with a pronounced downward trend, before the condemnation of the operators the commercialization of the consequences of the tariff war between the United States and its main rivals, situation aggravated by the position of Russia to offer unilateral increases in production, impacting supply that exceeds demand and downward pressures price
WTI, a marker and benchmark for the New York market, lowered its price by US $ 2.58, putting the price per barrel at US $ 68.11
Brent crude oil serving as a benchmark the London market, its price fell by US $ 2.70, bringing the price of its barrel to US $ 72.25 per barrel.
The price of the OPEC basket adjusted to the price drops by US $ 8.65, placing the average price per barrel of crude oil basket, representative of each of the fifteen nations that make up this organization for export, at US $ 63.50.
The price of Venezuelan crude oil for July 13, the day that MP Petróleo delivered data on the price at which he was quoted and sold the Venezuelan blend over the past week, was 456.76 Ys . per barrel. Our oil is traded in yuan, unlike what happens on the international market, where the US dollar reigns.
This price behavior is a consequence of the prevailing belief among commercial operators about the disastrous effects that the tariff war, unleashed by the Trump government against the major US commercial competitors, will have on the economic and economic growth cycle. the growth of the world's major economies, in particular.
In fact, all forecasts of multilateral organizations on trends in economic growth are revised downwards, since the setting of tariffs decreed by President Trump will lead to an increase in the prices of tradables. and, therefore, the impacts on their competitiveness, slowing down.
This combined effect will lead to lower levels of aggregate demand for raw materials, leading to a significant decline in prices. The first impact is generated in the oil market, as a catalyst for production processes.
A second, no less important, reason is the statement of the Russian Minister of Energy, Alexander Novack, who expressed Moscow 's willingness to increase Russian oil production by one million. barrels a day. E this offer is the culmination of the offers of Saudi Arabia, Kuwait and the Arab Emirates to increase their oil production level, causing an imbalance, favorable to the demand, which impacts the prices oil, collapse them.
Photo: News24
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