Friday, September 22, 2023

Texas oil rises 1.78% and marks a maximum in 9 months

The price of Texas intermediate oil (WTI) rose 1.78% this Wednesday and closed at US$84.40 a barrel, its highest level since November 2022.

At the close of business in the New York Mercantile Exchange (Nymex), WTI futures contracts for September delivery added $1.48 from the previous day.

Benchmark crude is on its way to $85 a barrel, something that had not been seen since mid-November last year.

The rise of black goldwhich has been following this trend for several weeks now, does not seem affected by the data received today from China, the second largest consumer in the world, whose CPI it registered a fall of 0.3% year-on-year in July, which is its first contraction in more than two years.

The data, however, was somewhat higher than expected by analysts, among which the most widespread forecast was that of a drop of 0.4% compared to the prices of a year ago.

According to analysts, a more limited offer seems to have more weight after the cuts announced by Saudi Arabiawhich does not rule out continuing to apply and expand in the immediate future, plus those that Russia may apply.

On the other hand, natural gas futures contracts for September added US$0.18, up US$2.95, and gasoline futures due the same month added US$0.08, up US$2.92.


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