Oil futures contracts closed negative on Thursday (29).
There was some volatility, with the commodity even advancing after the news that the Organization of Petroleum Exporting Countries and allies (OPEC+) may reduce its supply.
At the same time, concerns about the global economy continued, in the context of monetary tightening by many central banks, and its consequent impact on demand.
WTI crude for November closed down 1.12% ($0.92) at $81.23 a barrel on the New York Mercantile Exchange (Nymex), and Brent for December fell 0.99% ( US$0.87), at US$87.18 a barrel, on the Intercontinental Exchange (ICE).
Contracts were lower earlier in the day after a robust gain in the previous session. Risk aversion and the strong dollar also weighed.
Still in the morning, however, news that OPEC+ was discussing a possible production cut, which could be announced at its meeting next week, supported prices.
Also in the news, sources cited by Bloomberg reported that the United States wanted to extend sanctions against Iran’s oil exports.
Further on, the US Treasury announced sanctions against companies from some countries that did business with oil from the Persian country.
Tehran is trying to resume an agreement on its nuclear program with major powers, including the US, but so far without success.
Eurasia was also discussing, in a report to customers, the European Commission’s announcement of a package for the energy sector.
The consultancy believes that the European Union will have an agreement on measures to mitigate prices in this sector, in the face of high inflation, but without a general limit for these prices.
The package is expected to include a tax waiver for oil and gas companies to help contain prices.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
