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Texas oil closes unchanged pending OPEC movements

Texas oil closes unchanged pending OPEC movements

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The price of Texas intermediate oil (WTI) remained on Thursday at $ 58.43 a barrel at the close of the market, on a day marked by the prudence of investors, attentive to the movements of the Organization of Petroleum Exporting Countries (OPEC) and its allies.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in January remained the same as in the previous session on Wednesday.

The West Texas Intermediate futures moved slightly between gains and losses on Thursday while traders waited for OPEC’s decision on their production policy.

The price of Texan crude did not move at closing after an internal committee of the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC +) has recommended withdrawing 500,000 barrels per day (MDB) from the market.

Russia, one of the cartel’s external allies, presses for that cut to take place, despite the reluctance of Saudi Arabia, according to analysts.

Before the meeting in Vienna, Russian energy minister Alexander Novak said OPEC + was discussing a production cut of 500,000 barrels per day, larger than expected for the first quarter of 2020.

And Iraq announced that it was pushing for a reduction of 400,000 barrels per day in addition to the existing agreement for cuts of 1.2 million barrels per day.

In this context, gasoline futures contracts due in January rose almost two cents to $ 1.62 a gallon, and natural gas contracts maturing the same month advanced almost three cents to $ 2.42 per thousand feet.

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