The price of oil is heading for another day of increases amid fears that the Israel-Palestine conflict will spread. The barrel of Brent, the benchmark in Europe, exceeds $93 this Friday after opening, which would be the fourth day of increases if the trend materializes. Black gold marks its highest levels since last September.
The possible entry of the Israeli army into Gaza has added another focus of concern to oil, which was already experiencing fluctuations due to OPEC's strategy of cutting production to stabilize prices. Thus, the increase is also supported by forecasts of an increase in the supply deficit in the fourth quarter, after the main producers, Saudi Arabia and Russia, extended supply cuts until the end of the year, and in the face of low inventories. , especially in the US.
Any escalation of the conflict and the entry of new countries, especially if they are producers, can lead to further increases in prices. The spikes threaten to reach consumers' pockets. Although fuels are on a downward path - gasoline has fallen by 2.3% this week, to 1,679 euros, and diesel by 1.5%, to 1,656 euros, according to EU statistics - if fuel prices raw materials consolidate upwards will not take long to be reflected when refueling. It would also be an added problem in the fight against inflation, by making the energy basket and the logistics chain more expensive.
After registering increases in seven of the last ten sessions, Brent is 10% above the day before the Hamas attack in Israel, when it was trading above $84.5. The temporary withdrawal of sanctions imposed by the US on Venezuela would not have an immediate effect on the market, since the recovery of its production levels is expected to be gradual.
The barrel remains below the level of $100 that it touched in September due to supply problems. The price will fluctuate between 85 and 95 dollars in the short term, until the end of the year, although it will be subject to “high volatility that may cause specific departures from this range,” according to Antonio Aceituno, general director of Tempos Energía.
