October 22, 2021

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Texas oil rose 1.1% to close at $81.31 a barrel

This content was published on Oct 14, 2021-7:18 PM

NEW YORK, Oct 14 (EFE) – The price of Texas Intermediate (WTI) oil, Thursday, closed up 1.1% and hit $81.31, hitting its highest level in the past seven years again.

According to data at the close of operations on the New York Mercantile Exchange (Nymex), West Texas Intermediate crude futures for November delivery totaled $0.87 compared to the previous close.

Oil prices in the United States rose despite a larger-than-expected increase in crude oil reserves of 6 million barrels, the US Energy Information Administration reported this afternoon.

Investors also responded to a report published by the International Energy Agency in which the entity estimates that global oil demand will reach 99.5 million barrels per day in 2022, above pre-COVID-19 levels.

The International Energy Agency expects a “strong” increase in production starting in October, driven by the recovery in the US after Ida, the end of maintenance in other countries and the recovery of OPEC +, even if this alliance is still below the normal rate of extraction. levels.

The Organization of the Petroleum Exporting Countries, which keeps its oil supplies limited amid rising energy prices, on Wednesday made a slight upward correction to the amount of crude it believes the world will need from its 13 member states this year and next.

Total contracts for natural gas for November delivery were nearly 10 cents to $5.69 per thousand cubic feet, while gasoline contracts for November rose 3 cents to $2.44 per gallon. EFE

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