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Home Covid-19 Oil prices will end the year with double-digit declines

Oil prices will end the year with double-digit declines


#Oil prices will seal falls in 2020. The one with the worst decline is the barrel of #Brent from the #North #Sea, which accumulates a depreciation of 22.54%, two days after the end of this year.

#It is followed by the US benchmark #West #Texas #Intermediate (WTI), which loses 21.58% in the period and the #Mexican export mix maintains a decrease of 19.21 percent.

#However, for 2021 greater pressures are anticipated on the price of crude oil, since the #Organization of the #Petroleum #Exporting #Countries (OPEC) and the #International #Energy #Agency (IEA) adjusted their forecasts regarding demand due to the risk that #It supposes the coronavirus pandemic, as well as the economic blockades in the #United #States and #Europe.

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OPEC estimates that demand will increase 5.9 million barrels per day (bpd), this would mean a reduction of 350,000 bpd with its previous projections.

#Aid for #Covid gives respite

#While this #Tuesday, the price of crude rose due to expectations that the #United #States will increase aid due to the coronavirus, which could boost demand for fuel and stimulate economic growth.

#International benchmark #Brent gained 23 cents, or 0.5%, to $ 51.09 a barrel, while #West #Texas #Intermediate crude futures in the #United #States (WTI) advanced 38 cents, or 0.8%, to $ 48.00 a barrel.

#Meanwhile, the #Mexican export mix closed its price at 46.60 dollars a barrel, which meant a slight advance of 0.56% or 0.26 cents, compared to the previous session.

The #House of #Representatives – under #Democratic control – voted #Monday in favor of complying with #President #Donald #Trump’s demand to pay checks for $ 2,000 in relief from the pandemic. #Now the measure has passed to the #Senate, in #Republican hands, which will examine it this week.

#It was unclear whether #Senate #Republicans would also support the measure. #Majority #Leader #Mitch #McConnell on #Tuesday rejected calls by #Democrats for the #Senate to approve increased stimulus aid, though he said the issue would be considered this week.

#Concern about lockdowns in the wake of the coronavirus has limited oil prices in the short term.

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A new variant of the virus in the UK has led to the re-imposition of movement restrictions, affecting demand and influencing prices, while hospitalizations and infections have increased in parts of #Europe and #Africa.

#Oil prices could rebound as vaccination programs around the world pick up momentum next year, said #Tony #Headrick, energy market analyst at CHS #Hedging LLC.

“#Vaccine optimism has the ability to counter the concerns around the coronavirus that we are seeing,” he added.

The market is also on the lookout for the meeting to be held on #January 4 by the #Organization of the #Petroleum #Exporting #Countries with an alliance led by #Russia, a group known as OPEC +. (#With information from #Reuters)

A barrel of #Brent from the #North #Sea has a depreciation of 22.54% this year; #It is followed by the #American WTI, which fell 21.58% in the period and the #Mexican export mix fell 19.21 percent.

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[ source link ]
https://www.eleconomista.com.mx/mercados/Precios-del-petroleo-terminaran-el-ano-con-caidas-de-doble-digito-20201229-0138.html

##Oil #prices #year #doubledigit #declines

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