The Petroleum traded below $ 85 a barrel on Tuesday, but held near three-year highs in a choppy session ahead of the weekly report for United States inventories, which is expected to show an increase, and pending the meeting of the OPEC + from Thursday.
Analysts in a Reuters poll expected weekly US crude inventory data to show a rise of 1.6 million barrels. The American Petroleum Institute (API) industry group will release a supply report earlier at 2030 GMT on Tuesday.
American crude West Texas Intermediate (WTI) was down 14 cents, or 0.2%, to $ 83.91. Before, it had fallen more than $ 1 a barrel.
The crude Brent it rose 1 cent to $ 84.72 a barrel, after trading at a loss for much of the session.
“There is a bit of uncertainty about the OPEC and that’s holding the market back, “said Phil Flynn, an analyst at Price Futures Group.” But we’re still on a strong uptrend. “
The price of Brent is up more than 60% in 2021 and hit a three-year high of $ 86.70 last week as global demand has rebounded and the Organization of the Petroleum Exporting Countries and its allies (OPEC +) have been slow to reverse production cuts.
Consuming countries have pressured the OPEC + to do more to cool the market, but at Thursday’s meeting the alliance is expected to maintain its plan of gradual increases in monthly production of 400,000 barrels a day.
Oil prices were supported by a Reuters poll on Monday, according to which increased oil production OPEC in October it was lower than expected due to involuntary interruptions in some countries.
“We anticipate relatively neutral trading to continue until we have more definition from OPEC on December production plans,” said Anthony Headrick, energy market analyst at commodities brokerage CHS Hedging.
In a sign that high prices are encouraging more supply elsewhere, BP said Tuesday it will increase investments in the U.S. shale oil and gas business to $ 1.5 billion in 2022, up from $ 1,000. million this year.
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Reference-www.eleconomista.com.mx