Futures contracts for oil ended sharply higher this Wednesday (17), driven by the lockdown of the President of the United States, Donald Trumpto all sanctioned oil tankers who enter and leave the Venezuela. However, the barrel of oil remains below the psychologically relevant mark of 60 dollars.
On the Intercontinental Exchange (ICE), oil Brent for delivery in February closed up 1.29%, at $59.68 per barrel, after reaching its lowest level since February 2021 the day before. On the New York Mercantile Exchange (Nymex), oil WTI for January, it gained 1.21%, to US$55.94 per barrel.
Although oil saw a strong rally during today’s session, the US-imposed blockade means limited upside risk for prices. “Even a total loss of Venezuelan exports would still be consistent with a large surplus in the global oil market next year,” say David Oxley and Kimberley Sperrfechter of Capital Economics.
The session was also marked by the publication of data on US oil stocks, which fell less than expected last week. The Department of Energy (DoE) reported a decline of 1.274 million barrels to 424.417 million barrels, below the consensus of a decline of 1.9 million barrels.
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