Texas oil opens 1.28% lower to $87.94
New York.– The price of Texas intermediate oil (WTI) opened this Friday with a decline of 1.28%, to 87.94 dollars, but headed for clear weekly gains after the increases of recent days.
As of 9:00 a.m. local time in New York (1:00 p.m. GMT), WTI futures contracts for delivery in December were down $1.14 from the previous close.
Analysts attributed the decline mainly to the strength of the dollar, which makes black gold more expensive for buyers operating in other currencies, but the general trend seems to continue to be upward for the price of crude oil.
The rebound of the US economy in the third quarter helped to dispel fears of a drop in demand and many investors believe that, both in Europe and in the United States, monetary measures to curb inflation will begin to ease and a large recession.
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According to official data published this Thursday, the gross domestic product (GDP) of the United States grew by 0.6% in the third quarter, putting an end to the technical recession that had begun, and placing the annual growth rate at 2, 6%.
In the third quarter, high oil prices have continued to push up the results of the big companies in the sector, such as ExxonMobil and Chevron, which today announced multimillion-dollar profits.
Exxon, the largest US oil company, earned 42,990 million dollars in the first 9 months of the year, which is 28.8% more than in the same period of 2021, while Chevron had a profit of 29,112 million dollars until September , almost triple than a year earlier.