May 26, 2020 | 5:44 pm
The Mexican Export Mix closed this Tuesday with a gain of 4.95% at $ 28.65, in the face of greater optimism due to the lack of confidence in various economies.
With this advance, Mexican crude oil reached its best level since March 6, when it closed at $ 35.75, and is on track to close May with a gain of 129%.
Benchmark WTI crude closed the session with a 2.65% gain at $ 34.13 per barrel, while the North Sea benchmark, Brent, advanced 1.49% to $ 36.06 per barrel.
Another factor that drove international oil prices was the continued restrictions on global oil production. OPEC and its allies (OPEC +) agreed in April to cut their joint production by 9.7 million barrels per day, during May and June, to stabilize the oil market after confinement measures that destroyed demand for the fuel.
Optimism increased after a Russian news agency mentioned that the country’s production volume was close to 8.5 million barrels a day.
However, the higher price is backed by expectations that demand will increase and balance the oil market; but there are still risks because another wave of infections that cause measures that decrease demand for oil cannot be ruled out
Gabriela Siller, director of economic analysis at Banco Base, said.
He said that going forward, the market will be waiting for the weekly report from the United States Energy Information Administration (EIA) that will be published tomorrow. The market expects that, during the week ending May 22, US oil inventories have been reduced by 1.6 million barrels per day.