The prices of oil They fell on Wednesday due to the hope of a resumption of negotiations between Russia and Ukraine, in a context of strengthening of the dollar, which makes crude oil more expensive.
The price of a barrel of North Sea Brent for delivery in January lost 2.13% to $63.51.
Its US equivalent, a barrel of West Texas Intermediate, for delivery in December, fell 2.14% to $59.44.
According to Robert Yawger of Mizuho USA, operators received press reports about a proposal by the Donald Trump administration for peace between Ukraine and Russia.
An agreement of this type “could release a large amount of oil products and crude oil into the market,” hence the drop in prices, the analyst noted.
However, the weekly report from the US Energy Information Agency (EIA), released on Wednesday, “gave a small boost to prices” for oil, Yawger said.
According to EIA figures, commercial crude oil reserves decreased by 3.4 million barrels last week, while the market expected a drop of 1.7 million.
In parallel, the rise of the dollar, supported by the prospect of a pause in the monetary easing policy of the United States Federal Reserve (central bank), tends to undermine oil prices.
Priced in the US currency, oil becomes more expensive for investors in other currencies when the greenback strengthens, and demand for it declines.
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