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Texas oil falls 1.2% but maintains weekly profit

Texas oil falls 1.2% but maintains weekly profit

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The price of Texas intermediate oil (WTI) closed this Friday with a 1.2% decline, to $ 60.44 a barrel, which, however, manages to maintain a weekly gain of 0.5% thanks to the high winds in the trade war between the United States and China.

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 74 cents from the previous session on Thursday.

Oil fell on Friday but managed to record its third consecutive week of gains amid the decline in trade tensions between the United States and China, which has boosted business confidence and global economic growth prospects.

Progress in the trade dispute between the two largest oil consumers in the world has raised expectations of higher energy demand next year, according to analysts.

The progress of the United States-Mexico-Canada Agreement (T-MEC), which will replace the North American Free Trade Agreement, has also boosted oil this week. The agreement was approved by the US House of Representatives on Thursday.

In addition, US energy companies added the largest amount of oil rigs this week since February 2018.

The companies added 18 oil platforms in the week until December 20, bringing the total count to 685, the most since November, CNBC reported.

Likewise, the economy of the greater North American power maintains its strength despite the moderation of the middle of the year, and advanced at an annual growth rate of 2.1% in the third quarter, according to the latest estimate of the evolution of the gross domestic product ( GDP) announced this Friday by the Government.

The data disclosed by the Department of Commerce indicates that economic activity grew at a rate of 3.1% between January and March and 2% in the second quarter of the year.

In this context, gasoline futures contracts expiring in January fell one cent, to $ 1.70 a gallon, and natural gas contracts, expiring the same month, advanced more than five cents to $ 2.32 per every thousand cubic feet.

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