At around 6:34 pm (Brasília time), this Thursday (4th), the WTI spot contract jumped 4.77% and was traded at US$ 64.20 / barrel on the New York Stock Exchange, renewing one-year highs behind. The Organization of Petroleum Exporting Countries and Allies (OPEC +) decided today, in a virtual meeting, to maintain additional cuts in global supply in March and April still amid the uncertainties of the global economy with the pandemic. Saudi Arabia has also offered to voluntarily suspend an additional 1 million barrels per day (bpd) in its oil production. In addition, the market continues to expect the recovery of the global economy and, consequently, demand, soon with the recent advances of the coronavirus pandemic. Federal Reserve Chairman (FED) Jerome Powell also said today that the country's monetary policy remains appropriate and that it will not raise interest rates in the short term.
This text was translated by machine from Brazilian Portuguese.