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LatinNews Daily - 20 May 2021

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In brief: Price of Mexican oil dips

*Mexico’s state-owned oil firm, Pemex, has reported that Mexican oil traded at US$60.91 per barrel (/b) on 19 May in international markets, 3.3% lower than that registered a day earlier. It was the second consecutive day in which the price of the Mexican oil blend has fallen in the international market and the largest day-on-day fall in price since 25 March, when it also fell by 3.3% amid the continued restrictions imposed around the world to contain the spread of the coronavirus (Covid-19) pandemic. The falling price of Mexican oil has been attributed to a fall in global demand due to the reimposition of some restrictions to control a new Covid-19 wave in some countries, as well as an increase in oil supply from Iran. Nonetheless, Pemex has noted that despite the recent dip, the price of Mexican oil has remained above US$60/b for the past three weeks, a trend that had not been observed since 2019.