The price of Petroleum Texas Intermediate (WTI) opened this Monday with a drop of 2.47% and stood at 107.05 dollars a barrel, after yesterday the countries of the European Union (EU) were unable to reach an agreement to ban imports of Petroleum from Russia and while restrictions continue in China.
At 0900 New York local time (1300 GMT), WTI futures contracts for June delivery were down $2.72 from the previous day’s close.
The price of US benchmark crude oil started the day lower after three consecutive days on the rise after the EU partners failed to unlock the reserves of countries such as Hungary, Slovakia or the Czech Republic, which oppose the proposed Russian oil blockade by the majority of members in retaliation for the invasion of Ukraine.
On the other hand, the Chinese General Administration of Customs announced today that the Asian country’s international trade significantly slowed its year-on-year growth rate to 0.1% in April, weighed down by lower foreign demand due to inflation and the impact of confinements. anticovid in the face of outbreaks nationwide.
The official data represents a significant slowdown compared to the year-on-year advance registered in March, of 5.8%.
For the chief researcher of oil markets at the firm Rystad Energy, Bjørnar Tonhaugen, while the negotiations continue, oil prices Petroleum will remain high despite macroeconomic headwinds.
“We hope that the prices of the Petroleum remain high due to the negotiations, the risk premiums of the price of the Petroleum still present in times of war and summer demand, even as macroeconomic headwinds pick up speed,” he was quoted as saying in a note.
Other analysts also point to the high price reached by the dollar, which has reached maximums not seen in two decades, which makes the price even more expensive. Petroleum for holders of other currencies.
