Monday, December 11, 2023

Texas oil falls 1.6% and closes at US$72.56 a barrel

The price of a barrel of intermediate oil of Texas (WTI) closed this Wednesday with a drop of 1.6% and closed at $72.56 a barrel after learning of a weekly increase in US reserves and with investors digesting the latest inflation data in the country.

At the close of business in NYa barrel of WTI for June delivery lost US$1.15 compared to the previous day’s close.

With this drop, the benchmark crude oil price in the United States ended several days of gains after having previously lost the US$70 barrier.

This Wednesday, the US authorities reported that the Bookings of the country increased last week by some three million barrels, an unexpected increase that raises fears of a weakening of the demandespecially coupled with recent data pointing to a slower-than-expected recovery in the Chinese economy.

Meanwhile, investors also received the latest data from inflationwhich fell in April for the tenth consecutive month and stood at 4.9%.

This decline, however, was accompanied by a rise in the prices in monthly terms, so for now it does not give clear indications about what the Federal Reserve (Fed) can do with interest rates at its next meeting.

On the other hand, natural gas futures contracts for June fell US$0.08 to US$2.19, and gasoline futures due the same month added US$0.01 to US$2.49.


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