Thu. Nov 21st, 2019

Texas oil closes the week up 5% with the barrel at 60.21

The price of intermediate oil in Texas (WTI) rose only 0.01% on Friday and closed at 60.21 dollars a barrel, in a week in which it had a final increase of 5% in large part thanks to a decline in the production of crude oil in the Gulf of Mexico due to a strong tropical storm.

At the end of the day-to-day operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in August rose one cent from the previous day.

Oil prices thus posted strong weekly gains, as crude production in the Gulf of Mexico halved due to interruptions caused by a tropical storm, although worries about a global oil surplus in the coming months they limited the profits.

Tropical Storm Barry, which is expected to turn into a hurricane just before making landfall this weekend, increased oil futures as oil companies in the Gulf of Mexico cut production.

The companies cut more than one million barrels per day (bpd) of production, or 53% of production in the region, as the storm headed toward a possible landing on the Louisiana coast tomorrow Saturday.

The International Energy Agency (IEA, for its acronym in English) predicts, however, an increase in oil production in the US. It will surpass the slow global demand and will lead to a large inventory around the world in the next nine months.

The world energy watchdog's report came a day after the Organization of the Petroleum Exporting Countries predicted an excess of oil next year despite an OPEC-led pact to restrict supplies.

For its part, gasoline contracts for delivery in August fell 2 cents to $ 1.97 per gallon, while natural gas contracts for delivery in the same month added almost 3 cents, to $ 2.45 per thousand feet cubic

(tagsToTranslate) oil (t) Texas (t) closes (t) week (t) barrel

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