Saturday, September 30, 2023

Texas oil opens up 1.07% to $80.23 a barrel

The price of the barrel of Texas intermediate oil (WTI) opened up 1.07% to US$80.23 a barrel, after falling below US$80 a barrel yesterday.

At 09:00 local time, the futures contracts of the WTI for delivery in September gained US$0.85 with respect to the close of the previous day.

yesterday, the Energy Information Management (EIA) indicated that US crude oil inventories fell by almost six million barrels last week due to strong exports.

“The EIA weekly data released yesterday was mixed, but once again favored the bear market and the main reason was a decline in consumer demand metrics ”, highlights Tom Essaye this Thursday in his analysis of The Sevens Report.

However, this week the black gold It has been hit by worse-than-expected economic data from China, the world’s second-largest oil consumer.

In the past six weeks, benchmark US crude had been boosted by supply cuts by Saudi Arabia and Russia.


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