Key Facts
- WTI proxy fell: USO, the fund tracking West Texas Intermediate crude, closed down 3.11% at US$148.33 on Friday, September 25, 2026.
- Crude benchmarks eased: WTI settled at US$92.41, down 2.33%, while Brent settled at US$104.32, down 2.14%.
- Petrobras shares slipped: Petrobras’s New York-listed shares closed down 2.26% at US$20.37 as the global crude pullback outweighed pre-salt technical progress.
- YPF dropped sharply: Argentina’s YPF fell 2.82% to US$52.10 in New York, reflecting Vaca Muerta’s high sensitivity to international crude prices.
- Ecopetrol bucked the trend: Colombia’s Ecopetrol closed up 1.28% at US$16.58 in New York, the only gainer among the region’s major oil proxies.
- Venezuela watchpoint: A US-backed deal unveiled on September 1, 2026 assigns 17 oil fields to North American Blue Energy Partners (NABEP), a private company in whose parent Washington takes a 35% stake.
Today’s Focus
Oil gave back its recent rally on Friday, September 25, 2026. Profit-taking and easing supply-risk concerns pushed WTI down 2.33% to US$92.41, while Brent settled 2.14% lower at US$104.32.
USO, the exchange-traded fund that tracks WTI, dropped 3.11% to US$148.33. The fall hit Latin America’s crude-sensitive names: Petrobras lost 2.26% to US$20.37 and YPF fell 2.82% to US$52.10.
Ecopetrol was the outlier, rising 1.28% to US$16.58. The move suggests investors see Colombia’s state producer as more insulated from short-term WTI weakness, though the reason was not tied to any single piece of fresh company news.
For Brazil, Guyana, Mexico, Argentina and Venezuela, the session was a reminder that global benchmark direction still sets the daily rhythm, even when local stories are building over longer horizons.
What matters today. The pullback shows how quickly crude-sensitive Latin American oil names hand back gains when WTI eases.
01 The session in one read
Oil markets fell on Friday, September 25, 2026, as traders took profits after a strong run and the fear premium tied to Middle East supply threats eased. The main US crude benchmark, WTI, settled at US$92.41, a 2.33% drop, while the international marker Brent closed at US$104.32, down 2.14%.
The move pulled down the exchange-traded fund that tracks WTI, USO, by 3.11% to US$148.33. For Latin America, the session translated into a broad retreat: Brazil’s Petrobras and Argentina’s YPF both fell, while Colombia’s Ecopetrol rose.
Friday’s decline was a cooling-off after the previous session’s rally, driven by traders locking in gains and reassessing the Middle East risk premium. A Brent-WTI spread of nearly US$12 continues to complicate the short-term outlook, but the immediate move was simply a retracement.
Watch next week whether USO holds above US$148.00; a close below that level would signal that the pullback has more room to run.
02 The board
USO’s slide set the tone. The fund’s 3.11% decline to US$148.33 was larger than WTI’s settlement move, reflecting the futures contracts it holds, not a change in the long-term crude story.
Among the region’s producers, YPF fell hardest in percentage terms, losing 2.82% to US$52.10. Petrobras dropped 2.26% to US$20.37, while Ecopetrol diverged with a 1.28% gain to US$16.58, suggesting investors treated the Colombian name as a relative safe harbour in a down session.
| Asset | Level | Change |
|---|---|---|
| USO (WTI proxy) | US$148.33 | -3.11% |
| Petrobras | US$20.37 | -2.26% |
| Ecopetrol | US$16.58 | +1.28% |
| YPF | US$52.10 | -2.82% |
Source: RT close, 2026-09-25. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 183,476.86 | -0.27% | +21.85% | 183,965.91 | 168,310 | 167,142 | — |
| IPSA | 11,255.90 | -0.39% | — | 11,299.82 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,651.92 | +0.60% | +12.17% | 64,264.16 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,893,751 | -1.57% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,584.72 | -0.95% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,934.37 | +1.27% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
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03 What moved it
The driver was profit-taking. The previous session had delivered a strong rally, and on Friday traders reduced exposure as the immediate risk of a supply disruption appeared slightly less acute, even though diplomatic efforts around the Strait of Hormuz remained unresolved.
The session’s dominant force was repositioning rather than any single bullish or bearish shock.
04 The Latin American read
For Petrobras, the lower close at US$20.37 came despite steady technical progress in Brazil’s pre-salt complex. Petrobras, Shell and Strohm recently qualified a corrosion-resistant composite flowline for a pilot planned in early 2027, a reminder that Brazil’s offshore economics are widely seen as among the most competitive in the Atlantic Basin.
Argentina’s YPF underperformed, falling 2.82% to US$52.10. The Argentine producer’s Vaca Muerta shale ambitions are tied to export infrastructure and LNG plans, and high-cost unconventional projects react quickly to daily international price moves. YPF’s recent US$1.2 billion bond placing shows that financing expansion remains a priority even when oil prices wobble.
Guyana’s Stabroek Block, operated by ExxonMobil with Chevron and CNOOC, continued to anchor the region’s fastest-growing new offshore province. Chevron completed its purchase of Hess in July 2025 and holds a 30% stake, but no listed Guyana proxy means the story shows up mainly in the majors rather than in regional Latin American tickers.
Mexico’s Pemex is among the most exposed to lower global benchmarks because weaker prices cut hard-currency revenue for an already stretched state system. Venezuela added a longer-term supply watchpoint. A US-backed deal unveiled on September 1, 2026 assigns 17 oil fields to the private company NABEP, and Venezuelan officials joined G20 energy meetings in Houston in mid-September as Washington sought more oil investment.
05 The names to watch
Petrobras is the cleanest listed way to own Brazil’s pre-salt cost advantage, but the stock still trades with daily crude direction. At US$20.37, its New York-listed shares trade about 8% below their April 2026 closing high of US$22.03, so it is no longer a deep-value case.
YPF remains a higher-beta play on Argentina’s Vaca Muerta. At US$52.10, it carries both the upside of export growth and the downside of high-cost unconventional economics, which is why it fell more than Petrobras on Friday.
Ecopetrol’s rise to US$16.58 is the session’s anomaly. Its gain while WTI fell could reflect local demand or portfolio rebalancing, but it is a name to watch for any sign that investors are rotating toward Latin American producers with different cost structures or hedging profiles.
06 The outlook
Friday’s pullback does not erase the supply-risk premium that has built around Middle East shipping and diplomacy, but it shows how quickly money leaves when that premium softens. The key variable is whether Brent can hold above US$100 and WTI above US$90 without fresh escalation news, because that would signal a market finding a new floor rather than simply spiking on headlines.
07 What to watch
- Brent-WTI spread: Watch whether the spread stays near US$12, because a wider gap signals freight and logistical stress that can distort Latin American export economics.
- Petrobras pre-salt pilot: Early 2027 is the target for a corrosion-resistant flowline pilot, and any cost or timeline update would matter more than daily crude moves.
- YPF refinancing and LNG: After placing US$1.2 billion in bonds, YPF needs stable international prices to keep expansion plans on track.
- Venezuela field transfers: The 17-field NABEP deal unveiled on September 1, 2026 could reshape sanctions and production watchpoints over the next few months.
Frequently Asked Questions
Why did oil fall on Friday, September 25, 2026?
Profit-taking after the prior rally and easing supply-risk concerns pushed WTI down 2.33% to US$92.41 and Brent down 2.14% to US$104.32.
What is USO?
USO is an exchange-traded fund that tracks West Texas Intermediate crude; it closed at US$148.33, down 3.11% for the session.
Which Latin American oil stock gained?
Ecopetrol rose 1.28% to US$16.58, the only regional oil proxy in positive territory on Friday.
Why did YPF fall more than Petrobras?
YPF’s Vaca Muerta unconventional projects are higher-cost and more sensitive to international crude prices, so the stock dropped 2.82% to US$52.10.
Market data: RT live market data
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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