The price of Texas intermediate oil (WTI) fell 2.73% this Tuesday, reaching $55.27 per barrel. its lowest level since February 2021in a context marked by the rapid increase in production by OPEC+ members after years of cuts.
WTI futures contracts for delivery in January lost $1.55 compared to the previous day, accumulating a drop of around 23% so far this year. according to CNBC.
Investors’ attention is also focused on a possible peace agreement in Ukraine, following the meeting in Berlin between American representatives, the Ukrainian president, Volodymyr Zelenskyand European authorities to review a plan proposed by Washington.
The market has been watching for supply disruptions since Russia’s invasion of Ukraine in 2022, as well as kyiv’s drone attacks on Russian oil infrastructure and sanctions imposed by USA and its European allies to Russia’s energy sector.
- The situation in Venezuela It also generates concern, since crude oil exports have fallen drastically after sanctions on shipping companies and vessels that they trade with the South American country.
“The gradual decline in prices and recent monthly lows could have been even lower if it had not been for the pressure from the United States on Venezuela,” he said. John EvansPVM analyst, to CNBC.
