Fri. Feb 21st, 2020

Texas oil rises 0.3% to expectations for the agreement with China



The price of Texas intermediate oil (WTI) closed on Tuesday with a rise of 0.3% and stood at $ 58.23 a barrel, its first rebound after five sessions down before expectations by the US trade agreement. US-China.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in February totaled 15 cents compared to the previous session.

The market bounced today towards positive ground in a week marked by the signing of the first phase trade agreement between Washington and Beijing, which will take place tomorrow Wednesday.

According to a source familiar with the CNBC agreement, China has pledged to buy energy supplies for some US $ 50 billion from the US. The next two years.

On the other hand, geopolitical tensions are being reduced after the assassination of the powerful Iranian general Qasem Soleimaní by US forces in Iraq, which has pushed up the price of Texas.

However, Iran remains in the minds of investors as precisely today Germany, France and the United Kingdom have activated the dispute resolution mechanism of the nuclear agreement signed in Vienna 2015 to urge the country to do its part.

Preliminary data is expected this Tuesday on the US oil supplies of the American Petroleum Institute and tomorrow the officials, which will be released by the Energy Information Administration, in which analysts expect to see an increase of about 500,000 barrels per week.

In this context, gasoline futures contracts due in February fell less than a penny, to $ 1.65 a gallon, and natural gas contracts, expiring the same month, totaled less than a penny, until 2, $ 19 per thousand cubic feet.

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