Friday, September 22, 2023

Texas oil rises 0.2% to $79.05 a barrel

The price of Texas intermediate oil (WTI) rose 0.2% this Thursday and closed at US$79.05 a barrel, driven by the unexpected drop in commercial crude oil reserves in the United States, in the absence of other movement factors.

At the close of business on the New York Mercantile Exchange (nymex), WTI futures contracts for October delivery added $0.16 from the previous day.

Texas started the day in red, but finally recovered part of what was lost the day before.

He US Government reported a 6.1 million barrel weekly drop in commercial stocks yesterday, more than double what was expected, adding to the bullish factor amid market jitters.

Investors are awaiting the speech that will be offered tomorrow by the president of the Federal Reserve (Fed), Jerome Powell, at the Jackson Hole Wyoming central bankers meeting), where he is expected to discuss the path of interest rates.

Apart from that, analysts pointed to recent economic data reflecting a slowdown in growth in the economies of the US, the eurozone, Japan or the United Kingdomwhich adds to the concern about the situation in China.

On the other hand, natural gas futures contracts for October rose US$0.04 to US$2.63, and gasoline futures due the same month rose US$0.02 to US$2.58.


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