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Oil Has Worst Monthly Performance Since 2021, Pressured by Rumors About Saudi Arabia, Weak US Data, and Signs of Lower Demand in China
Crude oil futures ended April with significant devaluation. On Wednesday (30), the WTI barrel for June fell 3.66%, closing the day at US$ 58.21. Meanwhile, Brent for July declined 3.51%, finishing at US$ 61.06. For the month, Brent saw a drop of 15% and WTI fell by 18%. This was the largest monthly decline since November 2021.
The sharp decline occurred after rumors that Saudi Arabia may increase its production and tolerate lower prices for an extended period.
The information, released by Reuters, indicated that Saudi authorities have no intention of supporting the market with new supply cuts. This raised pressure on prices during the session.
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Additionally, futures contracts were influenced by weak economic data from the United States. The unexpected contraction of Gross Domestic Product (GDP) in the first quarter and the below-expected job creation in the private sector increased concerns about oil demand.
Another factor impacting the market was the strengthening of the dollar abroad, which typically puts pressure on commodity prices. Nevertheless, there was one piece of data that pulled prices up during part of the session: the decline in oil inventories in the US.
According to the Department of Energy, inventories fell by 2.696 million barrels last week, contrary to expectations of an increase.
In Asia, the three largest energy companies in China indicated weaker demand for petroleum products. They also pointed to lower crude oil prices in the world’s second-largest economy. The combination of these factors contributed to intensifying the price drop throughout April.
With information from Infomoney.
