October 26, 2020

Texas crude rises 0.3% despite Trump's comments on the deal with China

The price of Texas intermediate oil (WTI) rose 0.3% on Tuesday and stood at $ 56.10 a barrel at the close of the market, on a day marked by Donald Trump's comments on the trade agreement with China and OPEC's prospects for greater cuts in its production.

At the end of live operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in January totaled $ 0.14 compared to the previous session on Monday.

The futures of the West Texas Intermediate were once again marked by the trade war with China and the indications that the Organization of Petroleum Exporting Countries (OPEC) and its allies can agree to deepen production cuts at its next meeting, scheduled to this Thursday in Vienna.

OPEC and its allied countries plan to discuss during that meeting a plan to increase the supply cut of 1.2 million barrels per day by another 400,000 and extend the pact until June, according to sources consulted by the CNBC.

Although the price rose early due to forecasts regarding OPEC production, comments by US President Donald Trump on a possible delay in the signing of the trade agreement with China slightly receded Texas barrel, which finally closed the day in positive.

Analysts have also pointed out that continuing concerns over the resurgence of the trade war and the new tariff impositions in the United States continue to affect market prices.

In this context, gasoline futures contracts expiring in January fell three cents to $ 1.56 a gallon, and natural gas contracts expiring the same month totaled twelve cents to $ 2.44 per thousand cubic feet.

. (tagsToTranslate) Texas (t) comments (t) Trump (t) agreement (t) China

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