Once again, the world price of oil reached a high value in relation to that registered in the last seven weeks, to later give way at the close to US$111.93.
The opening price was US$114 per barrel for WTI crude (West Texas Intermediate).
The WTI is traded on the New York stock market, United States, and the benchmark for the Dominican market, where the high incidence in consumption shows no signs of approaching a cleaner transition.
The Dominican Republic is a high consumer of crude oil, far superior to its peer countries in Central America, fundamentally due to the size of its economy and therefore due to the demand that this generates in electricity generation, manufacturing and land transportation.
In addition, despite multiple studies to evaluate the possibility of extracting oil from marine or terrestrial platforms, the issue has lagged behind.
Brent crude is traded on the London market and is not used in this country. Yesterday’s price was US$112.75.
China and Sweden promote it
A report from the French Press Agency (AF) indicates that at noon on Tuesday, oil reached its highest level in seven weeks, “supported by pressure from the European Union to prohibit imports of Russian crude, which would reduce the supply, and investors’ bets that demand will rise thanks to the relaxation of China’s confinements.
Yesterday, the foreign ministers of the European Union failed in their attempt to pressure Hungary to lift its veto on the proposed oil embargo.
“We keep arguing; Unfortunately, it has not been possible to reach an agreement to finalize the sixth package of sanctions”, the head of community diplomacy, Josep Borrell, reported yesterday.
However, some diplomats now point to the May 30-31 summit as the venue for reaching an agreement on a phased ban on Russian crude.
Jeffrey Halley of OANDA said: “Crude prices remain near multi-week highs, supported by rising US gasoline and distillate prices and fears of a European Union ban on oil imports. Russian”.
According to analysts, oil has also been supported by hopes of a recovery in demand from China when it begins to ease restrictions due to Covid-19, and by the increase in geopolitical tension between the EU and Russia after the initiative of Sweden and Finland to join NATO.
monday value
The price of a barrel of North Sea Brent for July delivery ended up gaining 2.41% at US$114.24.
West Texas Intermediate (WTI) for June rose 3.35% to $114.20, its highest level in nearly two months.
Gasoline in USA
On Monday, the price of gasoline in the United States broke a new record, at $4,483 a gallon (3.78 liters).
