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Granholm's comments fueled concerns about potential oversupply and demand prospects.
Oil futures fell sharply this Friday (24). The market feels pressure related to comments from United States Secretary of Energy, Jennifer Granholm, about the North American reserve and the still tense financial system in Europe.
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At around 8:55 am (Brasília time), WTI oil had depreciated by 3.99%, trading at US$ 67.17 per barrel. While Brent type lost 3.72%, trading at US$ 72.69. Markets had already fallen around 1% in the previous session.
Granholm's comments, which had already had a negative impact on prices the day before, according to Reuters, fueled concerns about potential excess supply in the United States. In addition, attention is paid to demand prospects.
“The lack of oil purchases for the SPR represents a major blow to the oil demand outlook,” Stephen Brennock, an analyst at PVM Oil, told Reuters.
Regarding the supply, the US Department of Energy plans to proceed with an additional release of 26 million barrels of oil as part of its mandate in Congress, which would further expand the supply of oil on the market.
The European financial sector also remains on the operators' radar. Banking stocks fall this weekend, with Deutsche Bank and UBS Group hit by concerns that the worst for the sector since the 2008 crisis is not yet over.
Source: Jhonatas Simião | Notícias Agrícolas
