As the dollar strengthened against the Colombian peso, oil differentials narrowed, both WTI and Brent, the benchmark for Colombia.
The price of Texas Intermediate Oil (WTI) fell 6.1% to USD 103.09 a barrel, as international concerns about severe lockdowns in China due to new outbreaks of Covid-19 persist.
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in June lost $6.68 from the previous close.
In turn, the price of a barrel of Brent oil for delivery in July on the London futures market ended at $105.94, down 5.81% from the end of Friday’s session.
North Sea oil, a benchmark in Europe, closed the first day of the week on the International Exchange Futures with a sharp drop of $6.54 compared to the last trade, when it closed at $112.48.
News from China of the weak growth in its international trade and the slowdown in foreign demand had more power in the markets than the EU’s inability to unblock the reserves of countries like Hungary, Slovakia or the Czech Republic, which are resisting against the blockade Russian tanker proposed by the majority of members.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
