February 27, 2021

Texas oil rises 0.3 percent due to falling reserves



The price of Texas intermediate oil (WTI) rose 0.3% on Thursday and closed at $ 56.02 a barrel, in a late reaction to the weekly drop in US crude oil reserves.

At the end of the live operations at the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in September totaled 12 cents compared to the previous day.

The market today achieved slight gains after a previous day in which the price fell by 1.6%, according to analysts over concerns about the slowdown in global economic growth, which clouded the news of a fall in reserves.

The Energy Information Administration reported Wednesday that US crude oil reserves. They fell by 10.8 million barrels in the week ended July 19, more than double what was expected.

Analysts are concerned that prices will not rise any more when there are upward pressures, such as that inventory figure or rising geopolitical tensions in the Middle East.

However, they pointed to a certain pessimism stemming from the latest data on manufacturing activity in Europe and the US, weaker than expected and causing fear of lower oil demand.

In addition, uncertainty over the trade war between Washington and Beijing is still present and, pending talks between the two countries to reach an agreement next week, investors were cautious and the spirits did not skyrocket.

In the background of the session, the market continued pending developments around Iran, after its government said Wednesday that it does not seek "military clashes" in the Persian Gulf or the Strait of Hormuz, but will not allow "anyone commit irregularities. "

In this context, gasoline contracts for delivery in August rose two cents to $ 1.88 a gallon, while natural gas contracts for delivery in the same month rose two cents, standing at $ 2.24 per thousand feet cubic

. (tagsToTranslate) oil (t) Texas (t) one hundred (t) fall (t) reserves



Source link