The price of Texas Intermediate Oil (WTI) fell 3.2% on Tuesday to US $ 86.5 per barrel, thus continuing for the second day in a row below US $ 90, due to fears of a global recession and the possibility that Iran will increase its exports of black gold.
At the end of operations on the New York Commercial Shipping Exchange (Nymex), WTI futures contracts for September delivery were US$2.88 higher than the previous close, and the poor economic data from China, apart from the a deal that Energy is keeping a close eye on for an agreement that could allow more oil exports from Iran.
Iran has almost closed the deal that limited its nuclear program in exchange for the lifting of economic sanctions, but insists there are still some gaps and asks the United States for “flexibility”.
As analyst Tom Essaye noted on Tuesday, in a report from the firm’s Sevens Report, WTI futures could be establishing a new trading range between US$80 and US$90 and “will certainly see new lows in the coming weeks ahead.”
Monthly evolution of oil price
On August 16, the price of a barrel of WTI crude oil closed at US$86.53, below the US$88.15 with which it started the year.
While this is happening, Guatemala there was a new increase of Q0.22 per gallon of premium and regular gasoline, leaving Q35.78 and Q34.53 respectively, according to the reference prices revealed by the Ministry of Energy and Mines (MEM) for modality self-service in the capital. Diesel also rose Q0.08 and remained at Q34.41 a gallon.
In addition, there may be a difference of up to Q1.10 between self-service and full service, as prices vary in each municipality. Those prices no longer include the subsidy that was in place for several months.
However, the Minister of Energy and Mines, Alberto Pimentel, indicated that the increases are a reflection of the behavior of the international markets last week, but he is confident that the trend will be downward this week, “since yesterday (Due Monday) there was a significant drop in the price of a barrel of oil”. In addition to the one reported this Tuesday.
He then indicated that several state entities will continue to implement the Sentinel Plan, including various checks on service stations. This year, 24 complaints were investigated and economic sanctions were applied against those suppliers, for failure to comply with the social support law and for possible price speculation.
In total, 1,030 verifications were made at gasoline and propane distribution centers, including 732 fuel service stations, with 16 station sanctions and 8 complaints of speculation. 299 propane gas plants and outlets are also counted, one of which is permitted.