Oil Sees 120% Increase Compared to 2020

Written by Daiane Souza

Published on 02/11/2021 at 11:08

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The Brent Crude Oil ended the month of October with the price around US$ 83, a variation above 120% compared to the same period in 2020. In March of the previous year, the values were even lower, costing around US$ 22, with drops reaching almost 50%.

The biggest variations in 2021 occurred in February, when truck drivers threatened the Brazilian government with a strike after constant increases in the price of diesel and gasoline. The total accumulated variation for the population at the refineries has already reached 50%.

On this Tuesday (02), the value is falling by 0.7% in the international market. However, expectations are that this will not directly impact the Brazilian population. In at least seven states, the price of a liter of gasoline reached more than R$ 7, as is the case in Acre, Rio de Janeiro, and Rio Grande do Sul.

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Can the Dollar Influence the Price of the Oil Barrel?

The dollar in relation to the real is costing around R$ 5.68, with an increase reaching 0.5% on the last Monday (01). One of COPOM’s initiatives to control the values has been to change the basic interest rate, the Selic, to 7.7% per year. However, this measure has not been one of the most effective for price control. Consequently, the barrel price, being in dollars, is also affected.

Considering the current price of US$ 84.44 with the dollar at R$ 5, Brazil would pay R$ 422.2. However, with the US currency at R$ 5.68, the cost to buy each barrel would be R$ 479.64 in direct conversion. A value that can make a huge difference when analyzing national scales.

Truck Drivers’ Strike May Cause New Instabilities

Both the strikes in February and September by truck drivers and other sector unions caused the dollar, the U.S. currency, to rise. As a consequence, there was also a decrease in Ibovespa and its operations.

The STF, Supreme Federal Court, considering the consequences of the disruptions, published more than 20 injunctions prohibiting sector workers from stopping the roads. If they did not obey the rules, they would be subject to being forcefully removed by the Federal Police (PF) and to pay fines of varying amounts. Consequently, adherence was lower, and the sector stated that they would strike but in other locations besides the highways.

Oil Sees 120% Increase Compared to 2020

Can the Dollar Influence the Price of the Oil Barrel?

Truck Drivers’ Strike May Cause New Instabilities

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