Oil contracts closed lower this Thursday (3) after having risen 5% at the beginning of the session. News of the proximity of an understanding to resume the nuclear deal with Iran and the advance of the dollar put pressure on assets, after recent robust gains.
The war in Ukraine and the impact on Russian supply remained on the radar.
The barrel of WTI oil for April fell 2.65% (US$ 2.93), to US$ 107.67, on the New York Mercantile Exchange (Nymex), and Brent for May fell 2.19% (US$ 2.47) at $110.46 on the Intercontinental Exchange (ICE).
On Thursday, Russia’s representative in Vienna, where negotiations are taking place on the resumption of the nuclear deal with Iran, said that the negotiations are “practically” concluded, with issues that must be concluded within 48 hours.
The Joint Global Action Plan (JCPOA) worries some investors because it would increase the supply of oil in the market, with the inclusion of Iranian production.
In the analysis by Capital Economics, the increase in supply by Iran should take place as soon as the agreement is closed. The projection is that prices fall between US$ 5 and US$ 10 per barrel.
“But they may not give up that much given the concern about Russian oil supplies with Western sanctions,” notes economist Edward Gardner.
In a report, TD Securities says that, in the current scenario, there is no source capable of reliably offsetting Russian production immediately.
“With markets tightening and supply fears mounting, the conflict is raising pressure on the West to reach a deal on the Iran nuclear deal, but the talks could also be pulled into geopolitical chaos.” evaluates the bank. Oil prices are likely to remain high and prone to new spikes, analysts say.
According to the RTnegotiations between Russia and Ukraine should count on a third round “as soon as possible” to discuss the conflict.
Faced with uncertainties, contracts operated with instability throughout the session, while the dollar strengthened against its main rivals. The advance of the currency, considered a safe haven for investors, also limits the gains of commodities to some extent.
In a report released on Thursday, the US Department of Energy (DoE) projected that oil and natural gas will continue to be the most consumed energy sources in the country until 2050.
Source: CNN Brasil
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