The price of a barrel of intermediate oil from Texas (WTI) it opened this Tuesday with a rise of 0.34% and stood at US$71.35 a barrel.
After several lower sessions last week, black gold stabilized due to a forecast highest global demand from the International Energy Agency (IEA).
As of 09:00 local time, WTI futures contracts for June delivery were higher $0.24 compared to the close of the previous day.
The IEA raised its forecast for the global demand of oil this year by 200,000 barrels per day (bpd) to a record 102 million bpd.
“WTI crude oil futures rose on a breaking headline that the Department of Energy it could begin to replenish the Strategic Petroleum Reserve, which remains at a multi-decade low, this summer”, Tom Essaye highlights today in The Sevens Report.
“Another bullish factor is that the US Department of Energy said on Monday that it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August”, adds the expert.