Tuesday, September 26, 2023

Texas oil rises 1.19% and closes at US$82.92 a barrel

The price of Texas intermediate oil (WTI) rose 1.19% this Tuesday and closed at US$82.92 a barrel, thus breaking the bearish rhythm of Monday and resuming the rise of past weeks.

At the close of business on the New York Mercantile Exchange (nymex), WTI futures contracts for September delivery added $0.98 from the previous day.

The Energy Information Management The US projected on Tuesday that the gross domestic product (GDP) would increase 1.9% in 2023, compared to 1.5% in a previous forecast.

However, the world’s second largest oil consumer announced today that, in the US currency, exchanges between China and the rest of the world they contracted 13.6% yoy in July, with exports falling more (-14.5%) than imports (-12.4%).

The figures are worse than those expected by analysts, who predicted a drop of 12.5% ​​in the case of foreign sales and 5% in the purchase of foreign goods.

On the other hand, natural gas futures contracts for September added US$0.05, up to US$2.77, and gasoline futures due the same month added US$0.04, up US$2.84.

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