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Texas oil falls 0.8% due to unexpected US reserves increase

Texas oil falls 0.8% due to unexpected US reserves increase

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The price of Texas intermediate oil (WTI) closed Wednesday with a 0.8% decline to $ 58.76, which analysts blame for an unexpected increase in crude oil inventories in the United States.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in January subtracted 48 cents from the previous session on Tuesday.

Oil prices fell about 1% after an unexpected increase in US crude oil inventories, while investors are waiting for developments in a new round of talks between Washington and Beijing over the trade war .

US oil reserves unexpectedly increased last week, while gasoline and distillate inventories increased considerably, the Energy Information Administration said.

Crude oil inventories increased by 822,000 barrels last week, crude stocks that were approximately 4% higher than the average of the last five years by this time of year, said the EIA.

US gasoline reserves increased 5.4 million barrels and distillates, which include diesel and heating fuel, increased 4.1 million barrels, both more than double analyst expectations.

Winter storms that caused heavy snowfall in several US states Last week they affected domestic demand for gasoline and probably caused an increase in inventories, according to some analysts.

In parallel, trade tensions between the United States and China continue to blur the outlook for demand, with a deadline of December 15 for the next round of US tariffs on Chinese imports approaching.

In this context, gasoline futures contracts expiring in January remained almost flat at $ 1.65 a gallon, and natural gas contracts expiring the same month rose slightly more than three cents to $ 2.26 per thousand cubic feet.

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