New York. The price of Texas Intermediate Oil (WTI) closed yesterday with a rise of 0.3% to 89.88 dollars, pressured by the weekly decline in US commercial reserves.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in March added 0.22 dollars compared to the close of the previous session.
Benchmark oil rose on the impact of the unexpected 4.9 million barrel drop in US inventories in the past week, reported by the Energy Information Administration yesterday.
reservations
The level of commercial reserves, which stands at 410.4 million, is the lowest since October 2018, adding pressure to an energy market in which growing demand is not absorbed by supply. “Oil consumption will probably reach 100 million barrels per day this summer when travel demand unleashes globally, more or less in line with OPEC+ forecasts,” said expert Louise Dickson of Rystad Energy.
This morning, the price of Texas fell after knowing the inflation rate in the US, which shot up 7.5% year-on-year in January, a higher than expected figure that has the fastest rate of increase in 40 years.
In recent days the barrel had lost value due to expectations about indirect nuclear negotiations between the US and Iran, which could lead to a return of Iranian supplies.
Prices “have been in a ping-pong session for the last couple of days as traders follow headlines from the geopolitical conflict between Russia and Ukraine and the nuclear talks with Iran,” commented analyst Ed Moya of Oanda. .
Natural gas goes down and gasoline goes up
Meanwhile, natural gas contracts for March delivery fell 5 cents to $3.96 per thousand cubic feet, and gasoline contracts due the same month added 1 cent to $2.66 a gallon.
