Unstoppable oil closes at 92.31 dollars a barrel, climbs 2.3% in the WTI garden

With information from EFE

The price of Texas Intermediate Oil (WTI) closed this Friday with a rise of 2.3% to 92.31 dollars, which represents a weekly revaluation of more than 6%. According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in March added 2.04 dollars compared to the close of the previous session.

The US reference oil has shot up to a maximum price not seen since 2014 due to the risk posed by the drop in temperatures in the state of Texas, where many producers are concentrated.

Crude has already become more expensive by 22% since the beginning of the year, and over the past month it rose by nearly 17% pressured by geopolitical tensions in Eastern Europe and the Middle East.

“A rally towards $100 should not be ruled out in the short term, but there are plenty of downside risks,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

Tonhaugen cited possible demand pullbacks for the omicron variant, concerns over economic growth and potential stock market corrections as central banks battle inflation.

Meanwhile, supply on the market remains too limited to absorb the growing global demand for fuels stemming from the economic recovery from the COVID-19 pandemic.

OPEC: increase production

This week, the OPEC+ alliance decided to increase its March production by 400,000 barrels per day, sticking to its pact and again ignoring calls from other countries to open the taps.

In the US, moreover, fuel inventories, which are at historically low levels for this time of year, suffered weekly declines, especially those of crude oil, of one million barrels.

On the other hand, natural gas contracts for March delivery fell 32 cents to $4.57 per thousand cubic feet, and gasoline contracts due the same month rose nearly 4 cents to $2.68 per thousand cubic feet. gallon