Oil Wrap: WTI Proxy Steady as LatAm Supply Shifts
USO held near US$134.64 Friday as Hormuz risk met Iraq supply talk. Petrobras rose 0.74%, YPF 0.51%; Guyana cost recovery and Pemex deepwater bets framed the La The post Oil Wrap: WTI Proxy Steady as LatAm Supply Shifts appeared first on The Rio Times .
Oil markets saw a flat closing on Friday, August 21, with the US$134.64 WTI proxy, USO, barely moving 0.07% higher, while the front-month WTI futures contract finished at US$87.06 per barrel, up 0.3%. This flatness resulted from contrasting forces: the Strait of Hormuz remained nearly blockaded, which would typically support crude prices, but Iraq announced plans to double production within six years, offering a supply-side counterbalance.
Latin American oil equities largely remained indifferent to the macroeconomic noise, with Petrobras rising 0.74%, YPF increasing 0.51%, and Colombia's Ecopetrol declining 0.68%. The regional focus was on structural supply shifts, rather than the day's flat crude print. Key developments included Guyana's oil profits milestone, YPF's LNG push in Argentina, and Pemex-Petrobras' deepwater project in Mexico.
Overall, Latin America is positioning itself for a market where its exports hold more significance than the steady crude prices observed on Friday.
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.
