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WTI oil breaks weekly trend and closes this Friday higher with US$ 89.01 per barrel

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With information from EFE

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The price of Texas intermediate oil (WTI) rose 0.5% this Friday and stood at US$ 89.01 a barrel, thus going back slightly from this week’s downward trend due to fears of the impact of inflation in economic growth and demand for black gold.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in September rose 47 cents from the previous close.

Oil losses accelerated this week after US data showed crude and gasoline stockpiles rose. The ‘black gold’ fell below US$90 a barrel, something not seen since the start of the war in Ukraine.

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US crude oil inventories unexpectedly rose last week due to falling exports and refinery downsizing. For its part, the OPEC+ oil alliance, led by Saudi Arabia and Russia, slightly increased its supply for the month of September to 100,000 barrels per day.

“Looking ahead, investors are becoming less concerned about supply issues related to the Russia-Ukraine war and are instead beginning to see demand metrics deteriorate amid a sizeable increase in prices. recession calls”, highlights the president of the firm Seven Reports, Tom Essaye, in a note.

Essaye also stresses that, with US gasoline demand 9% below last year’s levels and even lower than in the summer of 2020, prices above US$100 a barrel “ They are not sustainable.”

Natural gas futures for September were down 5 cents on the dollar to $8.06, and gasoline futures due the same month added 6 cents to $2.85 a gallon.

Source: Larepublica

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