Monday, December 11, 2023

Texas oil rises 0.8% and closes at US$73.71 a barrel

The intermediate oil price of Texas (WTI) rose 0.8% this Tuesday and closed at $73.71 a barrel after a session marked by the US government’s plans to replenish strategic crude oil reserves and forecasts of a tight market in the country.

To the closing of operations in New York, the barrel of WTI for delivery in June gained $0.55 compared to the previous day’s close.

The crude of reference The US had been trading lower in the morning in reaction to weak US trade data. Chinaespecially given the expectations of economic recovery after the harsh restrictions due to covid-19 in the Asian giant were lifted.

However, the market changed course in the face of a report that the government could start buying crude to replenish its reserves of emergencywhich is at very low levels, at the end of this year.

Also influential was a report from the Energy Information Administration which pointed out that there will be a seasonal increase in the demand for fuels while production will be lower than expected.

On the other hand, natural gas futures contracts for June rose US$0.03 to US$2.27, and gasoline futures due the same month added US$0.02 to US$2.48.


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