Oil contracts closed on a fall in the futures market this Tuesday (14). On the operating table’s radar is concern about the Ômicron variant of the coronavirus — whose impact should be moderate on the oil market, estimates the Organization of Petroleum Exporting Countries (OPEC).
The International Energy Agency (IEA), however, has cut its forecast for global demand growth this and next year, due to the new strain.
WTI crude for January delivery closed down 0.79% ($0.56) at $70.73 a barrel on the New York Mercantile Exchange (Nymex), while Brent for the following month eased 0.93% (US$0.69), at US$73.70 a barrel, on the Intercontinental Exchange (ICE).
The commodity’s assets started the day at a slight increase, but turned to the negative after the IEA cut its forecast for global oil demand by 100,000 barrels per day (bpd) in 2021 and 2022. The supply forecast was cut in the same level.
The IEA estimate comes after OPEC announced yesterday the maintenance of its projections. For the Organization, the impact of Ômicron should not have the strength that was initially feared, given the greater preparation of companies and governments to deal with the pandemic.
Commerzbank notes that OPEC appears not to have taken into account the release of strategic oil reserves by the United States and other major consumer countries of the commodity.
“This, plus the continued increase in OPEC production, suggests that the oil market will have an excess supply next year,” says the German bank.
Reference: CNN Brasil
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