Oil rose this Friday (11), after a session marked by volatility. Oil prices on the futures market were influenced by signs of a pause in negotiations on the nuclear deal with Iran, by nods from Russian President Vladimir Putin about possible negotiations with Ukraine and the announcement of new sanctions on Moscow by the G7.
On the New York Mercantile Exchange (Nymex), a barrel of WTI oil scheduled for delivery next month closed up 3.12% (US$ 3.31), at US$ 109.33. In the week, the contract fell by 5.49%. Meanwhile, Brent for May rose 3.05% ($3.34) on the Intercontinental Exchange (ICE) to $112.67, down 4.60% weekly.
Oil futures accelerated high in the morning, after the European Union’s high representative for foreign policy, Josep Borrell, announced a “pause” in negotiations for the resumption of the nuclear deal of world powers with Iran.
Then oil reduced gains, with Russian President Vladimir Putin saying there had been positive changes in negotiations with Ukraine for a solution to the conflict. Volatile, the oil regained its breath and went ahead again with the announcement of new sanctions on Russia by the G7.
For Edward Moya, an analyst at Oanda, oil will continue to trade volatile as headlines about the war in Ukraine and Iran’s nuclear talks will keep traders on edge.
“Oil prices still look heavy as demand destruction for the commodity looks like it could get much worse as inflationary pressures intensify the longer the war in Ukraine lasts. The oil supply side will keep this market tight for a while and WTI oil should receive massive support at the $100 a barrel level,” he says in a report sent to clients.
“The West may tighten restrictions on Russian commodity exports even further. In fact, in a scenario where there is a complete Western ban on Russian energy imports, we think that the price of crude oil (Brent) could quickly reach $160 per barrel,” analyzes Capital Economics.
“Events surrounding the war in Ukraine will continue to drive commodity prices into the next week.”
Source: CNN Brasil
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