Oil Prices Fall With US Shares Focused on Advances and OPEC + Meeting – ópoca Negócios

Oil prices jump 5% with OPEC + production deal and tensions in Iran - withpoca Negócios

Oil stage (Photo: Tânia Rego / Agência Brasil)

Oil prices rose more than 2% on Wednesday, driven by a sharp drop in US fuel stocks and expectations that members of OPEC + could decide against an increase in production at a meeting scheduled this week.

America’s gasoline inventions saw the biggest drop on record last week, while refining levels fell to a record low after winter storm production in Texas.

According to the Energy Information Administration (IEA), US gasoline inventories fell to 243.5 million barrels, while the largest drop in oil products reserves since 2013 was 143 million barrels.

“It was a huge storm,” said Bob Yawar, director of energy futures at Mizuho, ​​referring to the Texas case. “This basically halted the operation of all refineries that affected production and froze.”

Brent crude closed at $ 1.37, or 2.2%, at $ 64.07 a barrel. US oil (WTI) rose $ 1.53, or 2.6%, to $ 61.28 a barrel.

Earlier, prices had already skyrocketed after Reuters, citing three sources, OPEC + reported that a group, which includes the Organization of Petroleum Exporting Countries (OPEC) and partners like Russia, from March to April its Is considering expanding production cuts. Increase of pumping.

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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