At around 6:46 pm (Brasília time), this Wednesday (24th), the WTI spot contract registered a strong increase of 5.86% and was traded at US$ 61.13 / barrel on the New York Stock Exchange. The price of oil remains positive in this session, adjusting after sinking more than 7% the day before eyeing the worsening of the coronavirus in Europe, which increased the uncertainties about global demand. Germany reported today that the lockdown to contain COVID-19 during the five-day holy week holiday it will be canceled, which will now only have social restrictions until the celebration of Easter. In addition, the grounding of a 220,000 tonne, 400-meter-long cargo ship in the Suez Canal in Egypt has caused naval congestion and could affect the global supply. The Euro Zone Purchasing Managers' Index (PMI) reached 52.5 points in March, the highest level since the end of 2018. The result was above the 50-point mark, signaling economic growth, compared to 48.8 in February. Negatively, the market assimilates the United States oil stocks, which registered an increase of 1.912 million barrels in the previous week, compared to an increase of 2.396 million barrels in the previous week.
This text was translated by machine from Brazilian Portuguese.