The oil prices closed on Monday as investors wondered if supplies will rise and demand will be pressured by the recent rise in energy costs, the strength of the dollar and rising prices. Covid-19 cases.
The futures of Brent fell 12 cents, or 0.15%, to $ 82.05 a barrel, while the West Texas Intermediate (WTI) de USA it was up 9 cents, or 0.11%, to $ 80.88.
Earlier, the market took into account speculations that the government of Joe Biden could release crude from the United States Strategic Petroleum Reserve to cool prices, but skepticism about that approach caused WTI to rise, according to John Kilduff, partner of Nuevamente Capital LLC in New York.
Weighing on oil prices, the US dollar hit a 16-month high against a basket of currencies as investors were concerned about the global economy. A stronger dollar makes crude more expensive for buyers using other currencies.
The Organization of Petroleum Exporting Countries (OPEC) last week cut its forecast for world crude demand for the fourth quarter by 330,000 barrels per day from the previous projection, as high energy prices are hampering the economic recovery of the pandemic.
Europe has once again become the epicenter of the Covid-19 pandemic, prompting some governments to consider re-imposing lockdowns, while China fighting the spread of its largest outbreak caused by Delta variant.
Royal Dutch Shell PLC said it would eliminate its double share structure and move its head office to Britain from the Netherlands.
Reference-www.eleconomista.com.mx