The price of Texas Oil Intermediate (WTI) It rose 1.7% this Friday and closed at 118.87 dollars a barrel, a gain that occurs despite the higher-than-expected increase in monthly production announced by the OPEC+ alliance the day before.
Upon completion of operations in New York Mercantile Exchange (Nymex), WTI futures contracts for July delivery added $2 from the previous close.
The accumulated revaluation in the week is close to 3.5% and it is the sixth consecutive week on the rise, although it has not yet exceeded the psychological barrier of 120 dollars.
According to experts, the reference oil in USA rose today because investors do not believe that the slight increase by OPEC and its allies will generate big changes in a still very tight global energy market.
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OPEC + agreed to increase its production to 648,000 barrels per day in the months of July and August, above the 432,000 previously agreed for those months.
Analyst Edward Moya, from the firm Oanda, explained today in a note that the summer travel season is near and “there is growing optimism towards the prospects for demand due to the reopening of China” after the restrictions due to covid-19 .
Also, some traders hope that US President Joe Biden’s visit to Saudi Arabia later this month will result in “some relief in oil prices,” he said.
Meanwhile, commercial crude oil inventories in the US fell by 5.1 million barrels in the latest week, more than estimated, and those of gasoline also fell, the Energy Information Administration reported on Thursday.
