Oil accelerates drop in this 2nd due to higher production; in harvest, ethanol may be under pressure – Money Times

Oil accelerates drop in this 2nd due to higher production; in harvest, ethanol may be under pressure – Money Times
Oil accelerates drop in this 2nd due to higher production; in harvest, ethanol may be under pressure – Money Times
OPEC + estimates higher oil production as of May (Image: Pixabay)

O Petroleum already drops more than US $ 3 in the quotation of the nearest maturity on the London Stock Exchange. In the morning he lost just over $ 1.20.

The scenario, which is leaving the barrel of Brent at US $ 61.89, minus 4.59%, at 1:30 pm (Brasília time), is the compensation that the possible increase in production is giving on the projections of greater consumption in the United States.

At a meeting on Thursday, the Organization of Petroleum Producing Countries, and its allies, known as OPEC +, showed signs of relaxation in production cuts starting in May, offering higher volumes than they are operating today.

In parallel, Iran is pumping more as well.

In the higher volume environment, ethanol reaching the market, with the harvest started in the Center-South, biofuel may be under pressure if the downward trend in oil is consolidated and the gasoline not to undergo readjustments – or, worse, to suffer falls in the refineries.

And gasoline is already out of date, according to Abicom, which brings together importers, of R $ 0.16 per liter in a survey on the last business day of last week.

Source

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