MEXICO CITY (Expansion) –
The peso weakened against the dollar in banks and in the wholesale market, amid a sharp decline in oil prices after Saudi Arabia put conditions to join a pact to freeze oil production.
“the dollar regained ground against several crossings as a result of profit taking, although a significant decline was also observed in oil prices, which remain the main determinant of the direction of the foreign exchange market in the short term, “said Bank Base in its evening report.
in bank branches, the dollar closed at 17.65 pesos on sale, five cents more than the previous close, and the purchase ended the day 16.90 pesos, according to Banamex.
In the interbank market or wholesale, the greenback closed at 17.3670 peos, accounting for the weight depreciation of 0.44% compared to yesterday’s close, according to data from the Bank of Mexico.
For the week, the peso recorded a gain of 1.18%.
Mohammed bin Salman, crown prince substitute for Saudi Arabia, said the kingdom would agree to freeze their production levels of oil only if Iran and other large producers do the same next April 17.
“Because Iran is in an effort to recover market after the lifting of sanctions that prevented him from exporting crude, Iranian authorities and the market had already ruled out the possibility that join in an agreement this month, so today’s comments by Saudi Arabia remain relevant to the meeting of April 17 as it greatly reduces the likelihood of a joint agreement, “said Banco Base.
in the international market, Brent crude fell 4.12% to $ 38.67 per barrel, according to Bloomberg data. For the week, Brent accumulated a decline of 3%, after it closed the first quarter with a rise of 6% and March with gains of 15%, according to Reuters.
Oil in United States yielded 4.04%, to $ 36.79 a barrel. The contract fell 7% in the week, after rising 4% in the first quarter and 14% in March.
With information from Reuters
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