The price of Petroleum intermediate of Texas (WTI) fell 2.69% this Wednesday and closed at 109.59 dollars a barrel, a trend that was also registered by Brent in London, which lost 2.59% of its value.
At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in June lost 2.96 dollars compared to the previous close.
The Petroleum It seems to adjust its prices in this way since yesterday, after a bullish cycle that led the barrel to rise on Monday to more than 115 dollars, its highest level in approximately seven weeks.
Today’s release of the UN’s world economic forecasts, revised downwards due to the war in Ukraine and the subsequent food crisis, may be behind this decline in the price of black gold, coupled with uncertainty about the course of demand in China.
The UN lowered its growth forecast for the world economy for this year from 4% to 3.1% due to the war in Ukraine, which has exacerbated global inflationary pressure and thus jeopardizes the fragile recovery from the covid-19 crisis. .
In a review of its economic outlook report, the United Nations estimates that the world’s main economies will be clearly affected by the conflict and will progress less than expected: 2.6% in the case of the United States, 2.7% in the Union European and 4.5% in China.
In addition, the European Commission recommended that the citizens of the Union reduce energy consumption by at least 5% in the next 10 years and its proposals to invest 210,000 million euros (219, 910 million dollars) in renewables as recipes for reduce energy dependence on Russia.
For their part, gasoline futures contracts due in June lost 19 cents to 3.72 dollars a gallon, and those of natural gas for that same month rose 3 cents to 8.36 dollars per thousand cubic feet.