Friday, September 29, 2023

Texas oil opens with a rise of 1.50% this August 3

The price of the barrel of Texas intermediate oil (WTI) opened with a rise of 1.50%, up to US$80.68 a barrel, thus recovering from yesterday’s fall caused by the credit downgrade of the US Government.

At 09:00 local time, the futures contracts of the WTI for delivery in September added up to 1.19 dollars with respect to the close of the previous day.

Benchmark crude fell more than 2% yesterday after Fitch Ratings cut the US long-term foreign currency issuer default rating to AA+ from AAA.

However, the Energy Information Management reported yesterday that US crude inventories fell by more than 17 million barrels in the week ending July 28.

However, gasoline inventories increased by almost 1.5 million barrels, while distillate stocks fell by 800,000 barrels.

Investors’ eyes are now on tomorrow’s meeting of the OPEC+.


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