Oil Wrap: WTI Jumps 2.91% as LatAm Producers Rally
WTI proxy USO rose 2.91% while Petrobras, YPF, and Ecopetrol gained on Monday, August 17, 2026. Read our Latin American oil market wrap. The post Oil Wrap: WTI Jumps 2.91% as LatAm Producers Rally appeared first on The Rio Times .
Oil prices soared 2.91% on Monday, August 17, 2026, as US crude settled at US$130.29, according to the USO fund. Investors rallied Latin American energy companies, with Argentina's YPF leading the pack at 5.29% to US$52.70. Petrobras and Colombia's Ecopetrol both rose 2.07% and 2.91%, respectively, to US$18.25 and US$17.67. The gains reflect a market growing accustomed to the constrained supply from US shale producers, who are shunning drilling despite higher prices.
YPF's robust performance indicates investors are valuing Argentina's Vaca Muerta shale growth potential. The disparity between Petrobras and YPF highlights investor preference for Argentina's shale growth versus Brazil's pre-salt output. The geopolitical risks from Libya-Egypt and Iraq-Syria pipeline projects add uncertainty. Brazil's pre-salt fields remain a dependable production story, while Mexico's Pemex continues to struggle with financial difficulties.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
