The price of Texas Oil Intermediate (WTI) Opened this Thursday with a rise of 0.30% and stood at 9$5.17 a barrelcontinuing the upward momentum of recent days due to Saudi Arabia’s intentions to cut OPEC production and the reduction in oil inventories in the US last week.
At 09:00 New York local time (13:04 GMT), WTI futures contracts for October delivery added $0.28 from the close of the previous session.
The US benchmark crude price continues its upward trend this morning after Saudi Arabia this week floated the idea of OPEC+ production cuts to support prices.
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“The suggestion that the price is not in line with its fundamentals and that OPEC + could cut production has clearly had the desired effect,” OANDA analyst Craig Erlam said in a note today.
Added to this information was the data from the US government on national crude oil inventories, which registered a reduction in the week ending August 19.
Specifically, the Energy Information Administration reported yesterday that US crude inventories fell by 3.3 million barrels over the past week. Also, operators are awaiting the end of the economic symposium in Jackson Hole (Wyoming) this Friday to hear the speech of the president of the Fed, Jerome Powell, and assess whether the central bank will continue to be aggressive in raising interest rates.
