In just two days, the Mexican export mix had a rebound of 93.03 percent, but it is still far from its best moment of the year, on January 6, when it sold for $ 59.35.
After several weeks of falls in oil prices, caused by the corona virus pandemic, the oversupply by the main oil producers, and the risk of an economic recession, during the last two days the hydrocarbon registered a significant rebound. This Friday the Mexican Export Mix (MME) was quoted at $ 20.48 per barrel. In just two days it had a rebound of 93.03 percent, but it is still very far from its best moment of the year, last January 6, when it sold for $ 59.35. The same has happened with the main international reference prices, the West Texas Intermediate (WTI) advanced 21 percent, and the European benchmark Brent gained 20 percent.
This rise in oil prices is explained by a reaction of the markets to a tweet from the President of the United States, Donald Trump, in which he wrote that he spoke with the Crown Prince of Saudi Arabia, who in turn contacted the Russian President. Vladimir Putin for a possible agreement to reduce oil production.
"I just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke to President Vladimir Putin of Russia, and I hope they will reduce approximately 10 million barrels, and perhaps substantially more, which, if it happens, will be! Excellent for the oil and gas industry! "He noted in his official account.
The tweet was a light on the way to end the price war unleashed between Saudi Arabia and Russia that brought Brent crude to the lowest level since 2002.
Banco Base explained that the upward pressures for the price of oil began on Wednesday night, after it was revealed that China is acquiring crude to supply strategic reserves at low prices.
In addition Banco Base said that Donald Trump's tweet boosted oil profits, although it poses a reduction in production, it was not specified whether they will be barrels per day or a single cut.
Energy specialist Ramses Pech said that the United States, Russia and Saudi Arabia have started a dialogue to attack the first problem; the price of crude that affects the world economy
"The update of the price of a barrel and its recovery derives from a trade agreement between the countries to avoid deepening an economic recession; given a disadvantage that they could have by leaving China alone in the world, by regaining the mobility of its economic and all being at the mercy of this, "he explained.
China has made investments for its recovery, injecting money into its reserves, tax changes and helping companies, so the other powers must accelerate the process of economic recovery, all of this monitoring a new outbreak and the cases of infection of each of countries, to reactivate their economies.