Thursday, November 30, 2023

Texas oil rises 1.32% and closes the week higher

He price Texas intermediate oil (WTI) rose 1.32% this Friday and closed at $72.78 the barrel, culminating a week in which a slight rise of just over a dollar is recorded in the last five days.

At the close of business in NYthe barrel of WTI for delivery in July registered 95 cents with respect to the close of yesterday Thursday, in which it suffered a severe drop in $2.51.

He rise today is attributed to the fact that a political agreement on the debt ceiling in the United States seems closer and closer, while on the offer side the contradictory messages coming from Russia and Saudi Arabia seem to be neutralized, according to the CNBC channel .

in the endless talks on the US debt, today even the International Monetary Fundand its managing director, Kristalina Georgieva, called for an agreement on Friday “as soon as possible” and asked the negotiating parties to address this problem “in a different way.”

Georgieva said she has shared “your worry” with the Secretary of the US Treasury, Janet Yellen, and the President of the Federal Reserve, Jerome Powell, with whom he has held separate meetings this Friday, before presenting the conclusions of the IMF report on the US economy.

“We are looking forward to seeing a resolution”pointed out Georgieva, who suggested the possibility that the United States eliminate the rule by which there is a debt ceiling so that scenarios like the current one do not occur.

The director of the Fund expressed her hope for the “news” that suggest that the negotiations between the White House and the Republicans are “advancing”, but he insisted on asking for a conclusion as soon as possible.

Even with a debt deal, other factors could temper optimism, such as lingering fears that the Federal Reserve is headed for another rate hike after the latest price report showed more resilient inflation than the expected.


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