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Texas oil falls 0.3% due to fall in Chinese exports

Texas oil falls 0.3% due to fall in Chinese exports

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The price of Texas intermediate oil (WTI) closed Monday with a 0.3% decrease, to $ 59.02, in response to economic data released this Sunday by Beijing and that show weakness in Chinese exports as a result of the trade war with the US.

At the end of live operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for January delivery subtracted 18 cents from Friday’s session.

The reference barrel in the USA It ended last week with a revaluation of around 7%, driven by confirmation that the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia, will cut their production by half a million extra barrels a day from January, up to a total of 1.7 million.

However, on Monday, Texas picked up its best week since June as investors assimilated China’s figures: its exports fell in November, contrary to schedule, 1.1%, and the foreign trade surplus It fell to 38.730 million dollars, something that was not expected either.

Beijing and Washington continue to negotiate the first phase of an agreement that puts an end to the trade conflict they have been holding for almost a year and a half, but the political differences between the two are complicating an eventual solution.

The markets now have their sights set on December 15, since, in the absence of a principle of agreement, the United States will raise tariffs to a series of Chinese exports worth 156,000 million dollars.

In this context, gasoline futures contracts expiring in January rose almost one cent to $ 1.65 a gallon, and natural gas contracts expiring the same month subtracted ten cents to $ 2.23 per thousand cubic feet.

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