The oil price intermediate of Texas (WTI) fell 0.4% this Monday, to $79.73 a barrel, below the $80 barrier, given the growing fears over the increase in cases of covid in china -the world’s largest consumer of crude oil- and the possible increase in the production of black gold by OPEC+.
Upon completion of operations in the New York Mercantile Exchange (nymex), WTI futures contracts for December delivery, ending today, were down $0.35 from the previous day’s close.
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Chinawhich applies a severe “zero tolerance” policy towards the new coronavirus, has suffered waves of outbreaks in recent months attributed to the omicron variant that have caused record numbers of infections not seen since the start of the pandemic in the first half of 2020.
The Wall Street Journal reported today that Saudi Arabia and other members of the OPEC+ they are discussing a possible production increase for their December meeting.
However, crude quickly pared falls after Saudi Arabia’s energy minister denied the report.
On the other hand, the contracts natural gas futures for dDecemberand 4 cents were added, up to 6.77 dollars, and those of gasoline maturing in the same month rose 1 cent to 2.43 dollars a gallon.
