The barrel of Brent oil —Ancap’s key import input— quoted today below US$100 for the first time since February.
Brent had risen sharply throughout 2021 and soared in the wake of the Russian invasion of Ukraine. The pressure on the supply generated by the war – due to the fact that Russia is a major producer – raised the value of black gold and a barrel of crude It came at prices not seen since 2008, just $10 shy of hitting its all-time high.
In the last week, the trend reversed and the barrel fell US$30. Currently, the talks between Ukraine and Russia give rise to speculation of a ceasefire and the resurgence of covid in China worries about a further decrease in demand, for which the price was pressured down.
Meanwhile, in Uruguay there are 10 days left for the window period that Ursea takes to prepare its report on the import parity prices (PPI). So far, the average international refined oil is more expensive than last month, so the regulatory body would indicate a new rise if the downward trend is not consolidated at the close of the window period that will end on March 25.