Friday, December 8, 2023

Texas oil loses 0.4% and closes at US$70.86 a barrel

The intermediate oil price of Texas (WTI) fell 0.4% this Tuesday and closed at $70.86 a barrel, thus returning to the negative trend of last week.

At the close of business in NYthe barrel of WTI for June delivery lost 25 cents from the previous day’s close.

Despite starting in green the week – on Monday a rise of more than 1% was recorded – and also today, Texas crude oil finally closed in the red.

Last week, the benchmark indices of the Petroleum fell for the fourth week in a row on fears of a US recession.

The reason for today’s drop is linked to economic data weaker than expected Chinawhich suggest that the second largest economy in the world and the main importer of oil, lost momentum at the beginning of the second quarter.

On the other side of the balancethe International Energy Agency (IEA) raised its forecast for global oil demand this year by 200,000 barrels per day (bpd) to a record 102 million bpd.

On the other hand, natural gas futures contracts for June rose US$0.001 to US$2.37, and gasoline futures due the same month added US$0.007 to US$2.47.


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