COLOMBIA: Colcap Falls 1.18% Tracking Oil Prices Abroad

(RTTNews) - Colcap, the main index of the Colombian Stock Exchange, fell 1.18% to 1,468.44 points Thursday, weighed by Ecopetrol's shares (-4.73%), which tracked lower oil prices abroad.

Analysts at Acciones & Valores brokerage noted "geopolitical tensions raised by the upcoming meeting between the leaders of the United States and Saudi Arabia could threaten the international agreement of 2015 in which trade sanctions were lifted against Iran. If the U.S. withdraws from the agreement, then we will have a reduction in the global supply of crude, which could affect prices upwards," they added.

The locally traded U.S. dollar closed at 2,860 Colombian pesos, marking a slight rise of 0.18% due to the decline in oil prices.

"Amid news of commercial war, political scandals, humanitarian crises and electoral processes, the market situation of Latin American currencies reports a level of optimism that can not be explained by the good momentum in the price of raw materials, between which highlights the oil," said analysts from Ultraserfinco.