Tuesday, December 5, 2023

Texas oil rises 4.1% and closes at US$71.34 a barrel

The price of Petroleum Texas Intermediate (WTI) rose 4.1% this Friday and closed at $71.34 a barrel, recovering the psychological barrier of US$70, although in the weekly computation it closes again with losses.

At the close of business in NYthe barrel of WTI for delivery in June increased 2.78 cents compared to the previous day.

The reference oil in USA it collapsed this week and lost 7% despite today’s strong rebound and ending slightly higher yesterday.

Today’s rise comes after yesterday’s “There were a couple of positive developments”as indicated by Tom Essaye in his report for The Sevens Report.

On the demand side, the PMI Chinese manufacturer missed estimates; however, ship tracking data showed that the amount of crude oil transported by sea bound for China reached a two-year high last month, which helped support demand expectations. Tom Essaye.

In addition, the expert points out that, on the side of the offer, Russia’s Deputy Prime Minister, Alexandr Novak, reiterated that “Russia is complying with its oil production cut of 500,000 barrels per day. something that adds “more support for the energy complex”.

On the other hand, the contracts Natural gas futures for June were up US$0.03 to US$2.13 today, and gasoline futures due the same month were up US$0.5 to US$2.37.


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