Crude prices rose this Tuesday, supported by the outlook of a global inventory adjustment, although progress was limited by forecasts of a rise in world production in the coming months and concerns about the increase in Covid cases. -19 in Europe.
Crude futures Brent totaled 46 cents, or 0.56%, to $ 82.50 a barrel at 10:50 GMT, and oil WTI of the United States rose 38 cents, or 0.48%, to 81.28 dollars a barrel.
With these oil prices, the supply is going to grow, but that could take six months and inventories are down a lot. We don’t have a margin of safety, “said Tony Nunan, senior risk manager at Mitsubishi Corp.
“We have very low inventory levels and if we have a very cold (boreal) winter and the OPEC continues to be slow in increasing supplies, that could cause an advance in oil prices, “he explained.
Oil markets remain very tight as demand returns to pre-pandemic levelssaid the executive director of Trafigura, Jeremy Weir.
However, the International Energy Agency (IEA) said on Tuesday that the rebound in prices in the market could be slowed by the strong incentive to boost production, especially in the United States.
Meanwhile, the secretary general of the OPEC, Mohammad Barkindo, said on Tuesday that he expects an oil supply surplus from early December and that the market will continue to be oversupplied next year.
The Organization of Petroleum Exporting Countries (OPEC) last week lowered its forecast for world crude demand for the fourth quarter by 330,000 barrels per day from last month’s forecast, as high energy prices hampered the economic recovery from the Covid-19 pandemic.
Reference-www.eleconomista.com.mx