The price of Texas Oil Intermediate (WTI) rose 1.2% today to $94.89 a barrel, its highest level in August, when all eyes are on potential OPEC+ production cuts.
At the end of the operations in the New York Mercantile Exchange (Nymex)WTI futures contracts for October delivery added $1.15 from the previous close.
Saudi Arabia this week floated the idea of production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to support prices and the prospect of a drop in US crude inventories, boosting the price of crude oil.
that trend bullish was reinforced this Wednesday after US Government data showed another weekly decline in domestic crude inventories.
The Administration of Energy Information reported this Wednesday that crude oil inventories of the USA fell by 3.3 million barrels during the week ending August 19.
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Investors also will pay close attention to this week to the comments of the president of the US Federal Reserve (Fed), Jerome Powellwhen I speak at an annual global central banking conference in Jackson Hole, Wyoming on Friday.
The price of crude oil could also be affected, but negatively, if the Iranian nuclear pact is approved, which would allow Iran sell oil on the markets international relations, recover frozen assets in other countries and maintain normal economic relations with other nations.
“Iran has begun to study the observations of United States, and after review, Tehran will present its point of view to the coordinator. European Union (EU), declared today in a statement the spokesman for the Iranian Foreign Ministry, Nasser Kanani.
For its part, the first Israeli Minister Yair Lapidassured today that the “final offer” that the EU has made to Iran to resume the nuclear pact is “unacceptable” because it does not prevent the Islamic republic from become a nuclear state«.
natural gas futures contracts for september won 13 cents, up to $9.30, and gas Due the same month, they were down 13 cents, down to 2.80 a gallon.
