Oil futures contracts closed in positive territory on Wednesday (10). There was volatility in this market, but the commodity was supported by the retreat of the dollar, after the publication of lower-than-expected figures from the US consumer price index (CPI) in July.
WTI crude for September closed up 1.58% ($1.43) at $91.93 a barrel on the New York Mercantile Exchange (Nymex), and Brent for October rose 1.13% ( US$1.09), at US$97.40 a barrel, on the Intercontinental Exchange (ICE).
Crude oil was already falling earlier in the day, extending losses from the previous session. The movement was accentuated by the news that Russia was resuming the flow of oil to Hungary and Slovakia through a pipeline in Ukraine.
The publication of the CPI with weaker than expected numbers in the US, however, took the dollar down and supported oil, which still remained volatile. Late in the morning, it was reported that gasoline inventories fell well beyond forecast last week, but oil inventories rose more than expected. After this data, the oil reduced losses.
There was still time for oil to regain its breath and confirm increases of more than 1%. In a customer comment, TD Securities reiterated that it remains focused on the potential multilateral agreement with Iran on its nuclear program.
If the initiative comes to fruition, this will make room for much more oil on the market, recalls the investment bank. For the TD, in this context, oil will continue to fluctuate in the current range, waiting for news in the dialogue with Tehran.
Source: CNN Brasil
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