May 05, 2020 – 03:17 p. m.
Drafting of El País and AFP
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Despite starting the week with its price rising, faced with the uncertainty of a trade war between the United States and China, the dollar fell in price on Tuesday, to the point of eliminating yesterday’s gains.
At the close of this Tuesday, the US currency traded at an average price of $ 3,926, which means 64 pesos less than the Market Representative Rate (TRM), which stood at $ 3,990 for the day.
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The sharp drop in the price of the currency is justified by the rise in international oil prices.
Oil soared
The barrel of oil in New York ended up for the fifth consecutive day on Tuesday, gaining 20% at the close, in a market that expects an increase in fuel consumption.
The WTI barrel for June delivery earned $ 4.17 at $ 24.56.
Meanwhile, North Sea Brent for July delivery rose 14% to $ 30.97 in London.
“Reopening the economy in several US states will create a surge in fuel demand,” said John Kilduff of Again Capital.
President Donald Trump congratulated himself in a tweet for the rise in oil prices on Tuesday “with the revival of the economy.”
Traders are also confident that oil production will drop and prices will hold.
From Friday to the end of June, OPEC members and their main partners gathered at OPEC + withdrew 9.7 million barrels per day of crude oil from the market to stabilize prices.
This exceptional measure, which will be progressively moderate from July, aims to sustain prices in a market with oversupply and storage capacities close to saturation due to the drop in consumption linked to the coronavirus pandemic.
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