Oil futures contracts closed sharply lower this Friday (15), remaining under pressure from persistent concerns about the global demand scenario, the rise in fossil fuel stocks in the United States and the appreciation of the dollar during the week.
On the New York Mercantile Exchange (Nymex), WTI oil for December closed down 2.44% (US$ 1.68), at US$ 67.02 per barrel, while Brent for January, traded on the Intercontinental Exchange ( ICE), fell 2.09% (US$ 1.52), to US$ 71.04 per barrel.
Both benchmark contracts fell this week. WTI fell 4.7%, while Brent fell 3.8% after the dollar rose against a basket of other major currencies following Donald Trump’s victory for the US presidency, making oil denominated in dollars more expensive to purchase in other countries.
Meanwhile, slowing demand growth in China, the main importer of the commodity, and prospects of a global supply surplus next year continue to drive bearish sentiment in the market.
Traders have also been assessing the possible impact of a second presidency of US President-elect Donald Trump: in the short term, the main risk would be a stricter enforcement of sanctions against Iran, which would restrict exports and likely prevent prices from rising. fall further – an element that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will have to take into account at their next meeting in December.
In the long term, the market is evaluating the possibility of the new government rolling back some climate regulations and opening up more areas and waters for oil and gas drilling.
“However, it will take some time before this is implemented,” Commerzbank analysts said. “It is likely that the effects will not be seen until 2026.”
