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Texas oil rises a slight 0.2% at the start of 2020

Texas oil rises a slight 0.2% at the start of 2020

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The price of Texas intermediate oil (WTI) closed on Thursday with a slight rise of 0.2%, to $ 61.18 a barrel, in a 2020 start in which optimism prevailed in the commercial struggle between the United States (USA) and China, with prices supported by the rise in the dollar.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in February totaled 12 cents compared to the previous session.

Oil prices fluctuated during the day between gains and losses to end the session with few changes amid signs of improved trade relations between Washington and Beijing, rising tensions in the Middle East and a strong dollar that exerted upward pressure on prices.

Possible losses in oil prices were offset by optimism in the commercial truce between the two largest economies in the world.

Remember that the president of the United States, Donald Trump, said that on January 15, the signing of the phase 1 trade agreement between the US and China would be undertaken.

January also marks the scheduled start of deeper production cuts by the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia.

The group agreed to reduce production by another 500,000 barrels per day (bpd) since January 1, in addition to its previous cut of 1.2 million bpd.

To this context we must add instability in the Middle East. The US Army carried out air strikes against the Katib Hezbollah militia group, backed by Iran, which caused protesters to break into the US embassy in Baghdad on Wednesday, although they withdrew after the US power deployed additional troops.

A drop in US crude oil inventories last week also supported prices. Awaiting official data tomorrow, analysts estimate that crude oil stocks in the country fell 7.8 million barrels in the week ended December 27, compared to expectations of a 3.2 decrease million barrels

In this context, gasoline futures contracts due in February rose one cent, to $ 1.70 a gallon, and natural gas contracts, expiring the same month, fell about six cents to $ 2.12 per every thousand cubic feet.

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