Friday, September 22, 2023

Texas oil opens 0.29% higher to $68.29 a barrel

The price of the barrel of Texas intermediate oil (WTI) opened today with a rise of 0.29%, and was located in the $68.29 a barrel, after two days of falls awaiting the end of the debt ceiling crisis in the United States and the contraction of manufacturing activity in China.

At 09:00 local time (1300 GMT), the futures contracts of the WTI for delivery in July they earned US$0.20 compared to the close of the previous day.

He price The benchmark US oil started stable today after yesterday it marked its lowest price of all of May, after collapsing 4.4% on Tuesday and another 2% yesterday.

The negotiations for the debt ceilingwhich now seem to be on the right track after yesterday, Wednesday, the US House of Representatives supported the pact to raise it, as well as the economic data from China and the proximity of a new OPEC meeting have been the main factors that have weighed down the price of WTI crude.

Legislators have until June 5 to approve the measure in both chambers, the date on which the Treasury Department calculates that the country will exhaust its reserves.

Yesterday it was also known that the activity in the manufacturing industry China contracted again in May after contracting in April for the first time this year.

He manager index of purchases (PMI, reference indicator of the manufacturing sector) published today by the National Statistics Office (ONE) stood at 48.8 points, below the 49.2 in April.

In this indicator, a mark above the threshold of 50 points implies growth in activity in the sector compared to the previous month, while one below represents a contraction.


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