June 28, 2022

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Texas oil rose 0.2% to close at $82.81 a barrel

This content was published on Oct 28, 2021-7:32 PM

NEW YORK, Oct 28 (EFE) – The price of Texas Intermediate (WTI) oil on Thursday closed slightly up 0.2% and settled at $82.81.

According to data at the close of operations on the New York Mercantile Exchange (Nymex), West Texas Intermediate crude futures for December delivery totaled $0.15 compared to the previous session.

US benchmark oil started the day in the red, but rose slightly at the close.

On the eve of that, the price fell after announcing a larger-than-expected increase in US crude oil inventories, by 4.3 million barrels.

However, neither these statements nor fear of continued economic recovery nor Iran’s return to the nuclear agreement negotiating table were enough to discourage the market.

Since the beginning of the year, the value of Texas is up 70%, with an acceleration recently due to high demand and tight supply.

“The oil market deficit that is occurring is not going to change anytime soon, despite recent bearish headlines about a sudden rise in coronavirus cases in Eastern Europe and Asia, possible additional production from Iran, and expectations that there will be no winter,” said Ed Moya of Oanda company.

On the other hand, natural gas contracts for December delivery in the new reference month fell 42 cents to $5.78 per thousand cubic feet, and gasoline contracts due in November fell more than a cent to $2.44 per gallon. EFE


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