The price of Petroleum Texas Intermediate (WTI) rose 3% on Tuesday and closed at $75.39 a barrel, driven by the decline in inflation in the United States.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for January delivery gained 2.22 dollars compared to the close of the previous day.
Crude rose from the first hour after knowing that the interannual rate of the US inflation stood in the 7.1% in Novembercompared to 7.3% estimated by analysts.
The data encouraged markets as investors expect the Federal Reserve (Fed) start easing interest rate hikes soon, the central bank’s tool to fight inflation.
Analysts expect the Fed to announce a rate hike on Wednesday. 0.5%instead of the 0.75% that has been repeated at each meeting since March, and that in February even reduce the rise to 0.25%.
The rise of Petroleum of today is also linked to a drop in the value of the dollar against other currencies, which makes purchases by foreign investors cheaper and boosts their demand.
In addition, the US Government will offer tomorrow the weekly data of the commercial crude oil reservesand the first estimates point to a decrease of almost 4 million barrels.
On the other hand, futures contracts for natural gas for january they went up 35 cents of dollarup almost 6.94 dollars, and gasoline due the same month added 8 cents, to 2.16 dollars a gallon.
