The oil price intermediate of Texas (WTI) rose 2.7% this Wednesday and closed at $78.29 a barrel after the Energy Information Administration (EIA) reported today a drop of 5.9 million barrels in crude oil inventories of state Joined in the week ending December 16.
At the close of business in New York, futures contracts for the WTI for delivery in February they earned $2.06 compared to the close of the previous day.
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The analysts surveyed by S&P Global Commodity Insights they expected crude inventories to rise by 600,000 barrels.
The price of black gold was also boosted by the relaxation of restrictions against the covid by Chinawhich is the world’s largest oil importer.
On the other hand, February natural gas futures contracts gained 2 cents to $5.23, and February gasoline due the same month they gained 3 cents to $2.26 a gallon.