The oil prices plummeted Thursday, hit by a rise in the dollar after the President of the United States, Joe BidenHe said his government was looking for ways to cut energy costs amid accelerating inflation.
Crude futures Brent and from WTI from USA fell dramatically towards the end of the session as traders sold riskier assets, including stocks and raw Materials, given the expectations that central banks they will take steps to curb price increases.
The data from consumer inflation Wednesday showed that prices in USA were rising at a 6.2% year-on-year rate, their fastest pace in three decades, and may boost both the White House as to the Federal Reserve to take action to combat it. That boosted the dollar, which often trades the opposite of oil.
The futures of Brent they lost $ 2.14, or 2.52%, to $ 82.64 a barrel. The contract peaked at $ 85.50 for the session before falling back.
The American crude it fell $ 2.81, or 3.34%, to $ 81.34 after hitting a high of $ 84.97 a barrel, just below the seven-year highs hit in recent weeks.
The inflation is heating up as the economic weight of the summer wave of Covid-19 supply side fades and bottlenecks persist. It is expected that the Federal Reserve try to stop the continuous price increase, which has lasted longer than originally planned.
That caused a rebound in the dollar, which undermines the oil price since it raises the cost for other countries because the Petroleum it is traded primarily in the US currency.
Biden said he asked the National Economic Council that works to reduce energy costs and Federal Trade Commission stop market manipulation in the energy sector in a greater effort to reverse the inflation.
“The comments sent the market crashing down,” said Bob Yawger, head of energy futures at Mizuho in New York.
Separately, the crude inventories in the United States increased by 1 million barrels in the last week, less than estimates of an increase of 2.1 million.
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Reference-www.eleconomista.com.mx