Thursday, November 30, 2023

Texas oil gains 1.5% and closes at US$71.11 a barrel

The intermediate oil price of Texas (WTI) rose 1.5% this Monday and closed at $71.11 the barrel, the first time it has finished rising in four sessions, thus breaking the negative close of last week.

At the close of business in New York, a barrel of WTI for June delivery gained $1.07 from the previous day’s close.

Last week, the benchmarks Oil prices fell for the fourth straight week on fears of a US recession.

Now him black gold rises as supply shortages compete with economic concerns.

Today it was noticed perspective of a reduction in supplies in Canada -due to a fire in Alberta- and from other countries.

In addition, OPEC+, the Organization of Petroleum Exporting Countries and its allies, including Russia, plan further production cuts.

“Negotiations on the debt ceiling from the US stand out as a significant risk to world crude prices, both because of the potential for consequences broader economics as well as the importance of the value of the US dollar in the price of crude oil,” said Robbie Fraser, manager of investigation global and analysis at Schneider Electric, in statements collected by Market Watch.

On the other hand, futures contracts for natural gas for June they rose US$0.10, up to US$2.37, and those for gasoline maturing in the same month added US$0.04, up to US$2.47.


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