The oil prices They rebounded this Thursday during a volatile session, in a market looking for opportunities after crude fell to levels unknown since October during the day.

The price of a barrel of North Sea Brent for delivery in January it thus closed with a rise of 1.19% to 81.24 dollars. Earlier it reached a floor since October at $ 79.28, because the market fears an abundant supply if the United States and China draw on their strategic reserves.

While in New York, the barrel of West Texas Intermediate (WTI) for December gained 0.82% to close at 79.01 dollars. During the day it fell to $ 77.08, also a low since October.

“It was a day driven in part by the search for opportunities after Wednesday’s crash, and by the fact that there is no solid news about an eventual use of strategic oil reserves,” said James Williams of WTRG Economics.

Según Phil Flynn de Price Futures Group, China has already released reserves in the past, “That has already been done and had little impact.”

The last time they did it, it had nothing but a short-term effect on prices, and then prices went up, “he said.

With the increase in demand after the end of the lockdowns due to the pandemicCrude prices have risen 55% for Brent and 60% for WTI since the beginning of the year.



Reference-www.eleconomista.com.mx

Trending on Canadian News  Lakeside living in Lake Country: Beaches, boating and tree-lined trails

Leave a Reply

Your email address will not be published.