The Price of Texas Intermediate Oil (WTI) It rose 2.7% this Thursday and stood at 90.50 dollars a barrel, driven by the weekly drop in US commercial crude oil reserves.
At the end of the operations in the New York Mercantile Exchange (Nymex)WTI futures contracts for delivery in September added $2.39 from the previous close.
The US benchmark crude oil had another bullish day in reaction to the data released yesterday by the Government on fuel inventories, which encourages us to think of a good outlook for demand.
The Energy Information Administration said crude stockpiles fell by 7.1 million barrels through Aug. 12, while exports hit a record 5 million barrels a day. “The US economy still looks good and China’s could be ready to rebound soon”said analyst Ed Moya, from the firm Oanda, who nevertheless pointed out that 90 dollars per barrel is a resistance level.
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Inflation data in the UK did not appear to have an impact, with the consumer price index rising to 10.1% in July, outpacing the previous month to a 40-year high.
Investors are still pending negotiations to resume the nuclear pact with Iran, which could lead to the lifting of economic sanctions and lead to the return of its oil to the market.
September natural gas futures contracts fell nearly 6 cents to $9.19, and gasoline futures due the same month added 9 cents to $3.02 a gallon.
