Texas oil rises 2.63% on the uptick in demand and falling US inventories.
The price of Texas intermediate oil (WTI) opened this Wednesday with a rise of 2.63% to $ 32.80 a barrel, an increase motivated by the confidence of the markets that demand will recover due to economic reopens and by the fall in crude oil inventories in the United States.
At 9.15 New York local time (13.15 GMT), future WTI contracts for delivery in July, the new reference month, totaled $ 0.84 from the previous session on Tuesday, when Texas advanced 2, 14%.
Oil prices rose mainly driven by the release of data from the American Petroleum Institute (API), reflecting a drop in inventories of 4.8 million barrels, to a total of 521.3 million , during the week of May 15.
API statistics also show increased activity at refineries and declining gasoline inventories, a sign that fuel production has increased as vehicle traffic recovers.
Analysts point to economic reopens and easing of containment measures to contain the virus in most states, especially New York and California, two of the country's main economic engines.
In recent weeks, the oil market has received good news following the announcement by the countries of the Organization of the Petroleum Exporting Countries (OPEC) to extend their cuts planned for June and the agreement between Saudi Arabia and Russia to support the stability of the energy markets worldwide, after having staged an unprecedented price war during March.
Now, when a month of trading negative for the first time in the history of the WTI barrel and with the storage problem practically solved, some experts predict that oil prices will remain stable between $ 30 and $ 35, a "comfortable" fork for growers that will remain in place until a new catalyst emerges to push or push prices back.
