Oil price registered a depreciation at the close of the day on July 15 due to the possibility that the OPEC+ alliance agreed to an increase in supply and after knowing an increase in gasoline reserves in the United States, which causes concerns about the product demand.

The price of a barrel of Brent crude closed last day, for the London futures market, at 73.47 dollars, which represents 4.3 %. Crude from the North Sea, a benchmark in Europe, fell 3.3 dollars compared to the previous day, while that of Texas also closed down, reaching 71.65 dollars, which represents 2.02 % less.

The New York Mercantile Exchange also posted a $ 1.48 drop in WTI futures contracts. For their part, gasoline contracts due in August fell 4 cents to $ 2.25 per gallon, while natural gas contracts, for delivery in the same month, fell 5 cents to $ 3.61 thousand cubic feet per gallon.

The market continues to wait for OPEC and its partners (OPEC+) to agree on the level of pumping for the coming months, after cutting production last year to stabilize prices in the face of falling demand due to the pandemic.

M. Rodríguez

Source: bancaynegocios.com

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Most of the members of the Governing Board of Bank of Mexico(Banxico) resolved to increase interest rates by 25 basis points, to stand at 4.25 %.

With this decision, the financial entity aspires to slow down inflation, which stood at 6.02 % during the first half of June. Headline inflation is projected to approach the 3 % target in the third quarter of 2022.

The Bank informed, through a statement, that the next decisions on monetary policy will be related to the behavior of the factors that impact inflation, their expected trajectories in the forecast horizon and their expectations.

According to the information, the projections are subject to upside risks: persistence of underlying inflation or scenarios of exchange rate depreciation; or downward, greater measures of social distancing or exchange rate appreciation.

“The Governing Board will take thenecessary actions based on the additional information, so that the reference rate is consistent with the orderly and sustained convergence of general inflation to the target of 3 % in the term in which the company operates. monetary policy,” said the agency.

The bank also indicated that the Mexican economy registered during the month of March “a significant rebound” and some moderation in April. It is estimated that for the rest of the year economic activity will resume its recovery path, with a balanced balance of risks, although with “marked differences” between sectors.

M. Rodríguez

Source: elconfidencial.com

La entrada Bank of Mexico increases interest rates to 4.25 % apareció primero en Bitfinance.