New York, (EFE) – The price of Texas intermediate oil (WTI) opened this Wednesday with a rise of 1.12%, to break the psychological barrier of 120 dollars and settle at 120.75, after several days moving around this limit.
At 0900 local New York time (1300 GMT), WTI futures contracts for July delivery were up $1.34 from the previous session’s close.
The reference oil in the United States continues its upward trend this morning despite the fact that the American Petroleum Institute (API, according to its acronym in English) advanced on Tuesday that crude oil inventories in the country increased by 1.8 million barrels last week, which implies a reduction in demand.
The API also reported that gasoline inventories grew by another 1.8 million and derivative products by 3.4 million.
The Energy Information Administration is scheduled to release official inventory data for last week today.
Investors do not seem to have been affected by the correction of the World Bank announced yesterday on the global growth forecast, which lowered it to 2.9%, that is, 1.2 points less than what was projected in January, when it placed it in 4.1%.
In addition, he warned that the war in Ukraine, high prices and problems in the supply chain could lead to a situation of stagflation: high inflation coupled with very weak growth.
