Oil Records 4% Gain Amid Possible OPEC+ Production Cuts; Petrobras (PETR4) Shares Surge. Week Ends with Commodity Price Decline.

Written by Paulo Nogueira

Published on 17/11/2023 at 17:28

Especulações são de que a Organização dos Países Exportadores de Petróleo e aliados (Opep+) deve considerar cortes adicionais na oferta

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Speculations Indicate That the Organization of the Petroleum Exporting Countries and Allies (Opec+) Should Consider Additional Cuts to Supply.

The most liquid crude futures closed higher on Friday, a day after falling significantly, recovering part of the losses from the week, but still with an unfavorable balance due to concerns related to global oil demand.

On the New York Mercantile Exchange (Nymex), WTI crude for December closed up 4.06% (+US$ 2.97), at US$ 76.06 per barrel. The WTI accumulated losses of 1.43% for the week. Meanwhile, Brent for January, traded on the Intercontinental Exchange (ICE), rose 4.12% (US$ 3.19), to US$ 80.61 per barrel. For the week, Brent recorded a decline of 1%.

In this context, the shares of Petrobras (PETR3, R$ 39.66, +4.59%; PETR4, R$ 36.77, +3.43%), 3r (RRRP3, R$ 32.90, +3.82%), PetroRecôncavo (RECV3, R$ 19.69, +3.52%) and PRIO (PRIO3, R$ 46.43, +2.43%), were among the biggest gainers of Ibovespa in the session on Friday, around 5:15 PM (Brasília time), after a drop the day before.

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Paulo Nogueira

This Friday, the price of the commodity rose while the dollar weakened and amid speculations that Opec+ should consider additional cuts to supply starting from the next cartel meeting, taking place at the end of the month, driven by concerns over demand and a possible surplus for next year.

According to Capital Economics, adopting the cut will be a challenge, but the current oil market situation should favor it. In a statement to clients, they state that the oil stock in Cushing is 4 million barrels above the average since October.

Regarding the third week of losses, Marex highlights that despite the rise in oil this Friday, the overall scenario still favors price declines. They indicate that the increase in oil stocks in the U.S. shows a well-supplied sector on the supply side. According to them, the stocks held in Cushing are 4 million barrels higher than the average since October.

(with Estadão Conteúdo)

Oil Closes Higher on Friday, Still in the Red Weekly

The most liquid futures of Oil closed higher on Friday, a day after falling significantly, recovering part of the losses for the week, but still with an unfavorable balance due to concerns related to global demand for Oil.

On the New York Mercantile Exchange (Nymex), Oil WTI for December closed up 4.06% (+US$ 2.97), at US$ 76.06 per barrel. The WTI accumulated losses of 1.43% for the week. Meanwhile, Brent for January, traded on the Intercontinental Exchange (ICE), rose 4.12% (US$ 3.19), to US$ 80.61 per barrel. For the week, Brent recorded a decline of 1%.

In this context, the Shares of Petrobras (PETR3, R$ 39.66, +4.59%; PETR4, R$ 36.77, +3.43%), 3r (RRRP3, R$ 32.90, +3.82%), PetroRecôncavo (RECV3, R$ 19.69, +3.52%) and PRIO (PRIO3, R$ 46.43, +2.43%), were among the biggest gainers of Ibovespa in the session on Friday, around 5:15 PM (Brasília time), after a drop the day before.

This Friday, the price of the commodity rose while the dollar weakened and amid speculations that Opec+ should consider additional cuts to supply starting from the next cartel meeting, taking place at the end of the month, driven by concerns over demand and a possible surplus for next year.

Regarding the third week of losses, Marex highlights that despite the rise in Oil this Friday, the overall scenario still favors price declines. They indicate that the increase in Oil stocks in the U.S. shows a well-supplied sector on the supply side. According to them, the stocks held in Cushing are 4 million barrels higher than the average since October.

(with Estadão Conteúdo)

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Source: Info Money

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Oil Records 4% Gain Amid Possible OPEC+ Production Cuts; Petrobras (PETR4) Shares Surge. Week Ends with Commodity Price Decline.

Speculations Indicate That the Organization of the Petroleum Exporting Countries and Allies (Opec+) Should Consider Additional Cuts to Supply.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Oil Closes Higher on Friday, Still in the Red Weekly

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Oil Records 4% Gain Amid Possible OPEC+ Production Cuts; Petrobras (PETR4) Shares Surge. Week Ends with Commodity Price Decline.

Speculations Indicate That the Organization of the Petroleum Exporting Countries and Allies (Opec+) Should Consider Additional Cuts to Supply.

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Oil Closes Higher on Friday, Still in the Red Weekly

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Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

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