The raw material is negotiating on a high after three consecutive sessions of declines. Brent negotiates above $ 50 after breaking yesterday this bar for the first time since January.
Oil is negotiating on the rise in international markets this Tuesday, August 4, for the first time in four sessions, following the upward movement of raw materials.
The West Texas Intermediate (WTI) traded in New York, up 1.39% to $ 4.80 per barrel, while Brent, traded in London , advancing 1.47% to $ 50.25, after having yesterday lowered the bar of $ 50 for the first time since January 30.
The oversupply, slowing consumption in China and the greater attractiveness of other assets have penalized the oil in recent weeks. Just yesterday Iran announced that it could increase its production by 500,000 barrels per day a week after the sanctions against the country are lifted, and one million barrels a day, a month later.
After the agreement reached on Iran’s nuclear program in mid-July, the sanctions against the country should be lifted in November.
Oil entered into “bear market” last month – depreciated by over 20% since the last peak – due to oversupply signals globally and the prospects of a slowdown in consumption.
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