At around 6:37 pm (Brasília time), this Wednesday (14th), the WTI spot contract registered a 4.94% jump and was traded at US$ 63.15 / barrel on the New York Stock Exchange. The Information and Energy Administration (EIA) reported today that inventories of the commodity in the United States fell 5.889 million barrels last week. The result was much better than the drop of 3.522 million barrels in the previous week and an expectation of -2.886 mis of barrels. The news contributes to the relief of an oil oversupply, along with advances in vaccination against coronavirus and the effectiveness of international social isolation. The Organization of Petroleum Exporting Countries (OPEC) also started to forecast an increase of 5.95 million barrels per day (bpd) in global demand for the commodity in 2021. The new estimate is 70 thousand bpd (or 6.6%) higher than last month.
This text was translated by machine from Brazilian Portuguese.