Los oil prices they oscillated during the day and ended up, after a retreat of the dollar that makes crude oil cheaper, in a context of supply under pressure.
Thus the barrel of Brent North Sea freight for July delivery rose 2.68% to $112.04 in London. The West Texas Intermediate (WTI) for June delivery gained 2.39% on its side to $112.21 in New York.
“The market is showing extreme volatility with sharp gains one day and wide losses the next,” said Andy Lipow of Lipow Oil Associates.
For John Kilduff of Again Capital, “due to the tense supply situation, the market overreacts to any type of information. Every barrel counts!”
“There was a significant drop in the dollar … and that helped push prices higher,” John Kilduff summed up.
The United States announced Tuesday that it will loosen some sanctions against Venezuelaincluding one linked to the Chevron oil company, in order to promote dialogue between the socialist government of Nicolás Maduro and the opposition supported by Washington.
On Thursday, Energy Secretary Jennifer Granhom told a Senate committee that USA does not plan to import oil from Venezuela.
“That released (downward) pressure on prices, in a market that was very optimistic about the possibility of having Venezuelan oil,” said the analyst at Again Capital.
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