Oil starts 2017 with highs and lows

The first day of the year the crude price surpassed 55 dollars per barrel in the case of Texas oil (a reference for Ecuador), finally, prices fell by 2.6%

An escalation of the dollar to its highest level since 2002 and a profit-taking were the spoilers of the first day of 2017 at the oil exchange.

The US benchmark (WTI oil) fell $ 1.39, standing at $ 52.33, its lowest closing price in two weeks, stripping all hope of the Organization of the Petroleum Exporting Member’s agreement to reduce the oil pumping.

Volatility led to the differential between the maximum price and the daily low in both contracts at their highest level since November 30, at $ 3.13 for the WTI and $ 3.07 for the Brent.