Wednesday, March 29, 2023

Texas oil rises 1.9% and closes at US$79.68 a barrel

The price of Texas intermediate oil (WTI) rose 1.9% this Friday and closed at US$79.68 a barrel after a day of speculation about the possible exit of the United Arab Emirates (UAE) from the group of producers of the Organization of Exporting Countries Oil (OPEC).

At the close of business in New York, a barrel of WTI for April delivery added US$1.52 compared to the close of the previous session.

US crude fell sharply after The Wall Street Journal reported this morning that the UAE is internally debating leaving OPEC due to resurgent political and economic disagreements with Saudi Arabia.

However, a few hours later, official UAE sources denied those plans, which led to a price increase.

The Texas ends the week with a revaluation of more than 4%, mainly due to the good economic data from China and the expectations that its demand will increase after the lifting of the restrictions to contain the covid-19.

Meanwhile, April natural gas futures rose 24 cents to $3.01, and April gasoline futures rose nearly 5 cents to $2.75.


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