Tuesday, December 5, 2023

Texas oil gains 0.6% and closes at US$74.76 a barrel

Texas Intermediate Oil Price (WTI) It rose 0.6% this Thursday and closed at US$74.76 a barrel, thus recovering slightly after its fall on Wednesday of more than one 3.5%

At the close of business in NYthe barrel of WTI for delivery in June gained $0.46 compared to the previous day’s close.

This week, investors were once again concerned about a possible recession economy and analyzed whether in their meeting at the beginning of May the Federal Reserve (Fed) of the United States could raise interest rates again.

For its part, the Information Administration of Energy reported a weekly decline of 5.1 million barrels on Wednesday.

However, according to michael hewsonchief market analyst at CMC Markets UK, “There has been little evidence so far that the demand outlook is improving.”

This Thursday it was announced that the economy of USA grew 1.1% in the first quarter of 2023, less than expected, according to the calculation of the gross domestic product (GDP).

In this way, the first economy The world slowed down its growth after experiencing a GDP increase of 2.6% in the last quarter of 2022.

On the other hand, the contracts Natural gas futures for June rose US$0.05 to US$2.35, and gasoline futures due the same month subtracted US$0.01 to $2.53.


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