Crude prices fell this Wednesday, after the International Energy Agency (AIE) y la OPEC warned of an impending oversupply and when Covid-19 cases in Europe downside risks to the recovery in demand increase, although a decline in US gasoline stocks held back losses.
At 10:57 GMT, crude oil futures Brent lost 69 cents, or 0.87%, at $ 81.72 a barrel, while those of the West Texas Intermediate in the United States (WTI) they lost 85 cents, or 1.04%, to 79.91 dollars a barrel.
The IEA warned on Tuesday that the “world oil market remains tight by all measures, but a respite in rising prices could be on the horizon … due to increased supply.”
The agency said high price levels will push US oil production back up in 2022, representing about 60% of its 1.9 million barrels per day forecast for supply growth outside OPEC.
On Tuesday, OPEC Secretary General Mohammad Barkindo said the group sees signs of a growing oil supply surplus starting next month, adding that its members and allies will have to be “very cautious.”
The new waves of Covid-19 cases in Europe, which led some governments to re-impose restrictions, also affected prices.
So far the impact has been negligible, “said Stephen Brennock of brokerage PVM.” That said, there is a risk that the situation will escalate and mobility levels will be severely undermined in the coming months. “
A larger-than-expected drop in US gasoline stocks limited some losses. Industrial group data American Petroleum Institute (API) showed Tuesday that they fell by 2.8 million barrels in the week ending November 12, according to market sources.
Reference-www.eleconomista.com.mx