Thursday, June 1, 2023

Texas oil opens 1.29% higher to US$72.76 a barrel

He price of a barrel of intermediate oil from Texas (WTI) opened this Friday with a rise of 1.29%, and was located in the $72.76 the barrel, and is on track to close the week on the rise.

At 09:00 local time (1300 GMT), the futures contracts of the WTI for delivery in July they earned $0.93 compared to the close of the previous day.

The price of Petroleum The US benchmark saw its value rise this week due to statements by the Saudi Arabian Energy Minister, Abdelaziz bin Salmán, against speculators that were interpreted as a preview of a possible production cut after the next meeting of the OPEC+, on June 4.

However the raw fell yesterday after the deputy prime minister of Russia Alexander Novakin charge of his country’s negotiations in the OPEC+ alliance, will ensure that he does not expect new decisions at the next ministerial meeting of the countries of the Organization of Petroleum Exporting Countries (OPEC) and its partners.

“It will be the first face-to-face meeting in six months. We are waiting, as usual, for an assessment of the situation in the market. But I do not think there will be new measures, because just a month ago certain decisions were made regarding the voluntary reduction of production by some countries due to the slow pace of recovery of the world economy,” he said in an interview with the newspaper Izvestia. .

Another of the factors that have boosted the price this week has been the announcement of the US Energy Information Administration which reported a weekly drop of 12.5 million barrels in crude inventories, the highest figure since the beginning of the year, and declines in other products such as gasoline.

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