The price of Petroleum Texas Intermediate (WTI) rose 2.5% on Tuesday and closed at $77.28 a barrel, after the International Energy Agency raised its forecasts for growth in demand for Petroleum for 2022 and 2023.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for January delivery gained $1.89 from the previous day’s close.
In addition, data from the Energy Information Administration revealed a weekly increase of 10.2 million barrels in US crude inventories.
However, analysts said that a decline in exports from the US Gulf Coast, due to a temporary disruption in the Houston Ship Channel, contributed to the supply increase.
This Wednesday the United States Federal Reserve (Fed) did not surprise and agreed to a half-point rise in interest rates, which will now be in a range between 4.25 and 4.5%, in a new attempt to contain inflation.
This is the seventh consecutive rate hike since March, although it is more attenuated than the last four, which were 0.75 points.
Meanwhile, natural gas futures for January were down 50 cents to nearly $6.43, and gasoline futures due the same month added 8 cents to $2.24 a gallon.
