January 28, 2022

News Collective

Complete New Zealand News World

Texas oil opened 2.37% higher at $71.14 by EFE

© Reuters Texas Oil opens 2.37% higher at $71.14

New York, December 7 (.). The exchange rate opened this Tuesday with a rise of 2.37% and amounted to 71.14 dollars per barrel, supported once again by better prospects for demand.

At 9:06 am local time (13:06 GMT) on the New York Mercantile Exchange (Nymex), West Texas Intermediate crude futures for January delivery totaled $1.65 compared to the previous close.

US crude rose about 5% yesterday, recovering from last week’s loss in value caused by fears of the coronavirus omicron variable and its impact on the economy and energy demand.

That fear has begun to subside since the beginning of this week, spurring stock markets and pushing Texas futures prices above $70, although analysts remain cautious.

Louise Dixon of Rystad Energy noted that “the positive market reaction may be based more on hope than on expectations of quantifiable demand,” as the information available remains limited.

Other bullish factors include the rise in Saudi sales prices, which is a sign of optimism, and the stagnation of nuclear talks between the United States and Iran, which means the continuation of sanctions.

This Tuesday also affected positive data on GDP growth and consumption in Europe in the third quarter, and another on China’s imports of crude, which may point to a recovery in refinery activity.

Legal Warning: Fusion Media I would like to remind you that the data on this website is not necessarily current or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges but by market makers, and therefore prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for trading purposes. Fusion Media therefore assumes no responsibility for any business losses you may incur as a result of using this data.

See also  Scotty Thomas: Fayetteville man accidentally bought two identical lottery tickets to win $780,000 in Lucky for Life | NIVISION 40 RALLY WUVC

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including statements, quotes, charts and buy/sell signals included on this website. Please be fully aware of the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment.