Monday, December 11, 2023

Texas oil rises 1.1% and closes at US$72.53

He price intermediate oil Texas (WTI) rose 1.1% on Wednesday to close at US$72.53 a barrel, boosted by Saudi Arabia’s plans to cut production in July and an unexpected weekly drop in United States commercial crude oil reserves.

At the close of business in NYa barrel of WTI for July delivery gained US$0.79 compared to the previous day’s close.

According to analysts, the rise today was related to Saudi Arabia’s plans to reduce its crude production by one million barrels in July, announced on Sunday and which already pushed up market prices last Monday.

Other than that, investors reacted today to a surprise drop in 450,000 barrels in crude oil inventories last week, as announced today by the Energy Information Administration, when what was expected was an increase of around one million.

Likewise, the latest data on crude oil imports in Chinathe world’s largest oil importer, which rose to their third highest monthly level in May.

On the negative side, the US government He said the day before that crude oil production this year would rise faster, but at the same time he expected slower growth in demand.

On the other hand, futures contracts for natural gas for July they totaled US$0.07, up to US$2.33, and those for gasoline maturing in the same month increased by US$0.08, up to US$2.64.


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