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Texas oil remains despite crude oil reserves are lower than expected

Texas oil remains despite crude oil reserves are lower than expected


The price of Texas intermediate oil (WTI) closed this Friday with a minimum rise of 0.06%, up to $ 61.72 a barrel, after obtaining in the previous session its best mark in three months and in a day marked by data that reveal that US crude oil inventories fell more than expected.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in January totaled 4 cents compared to the previous session on Thursday.

About to close the year, developments regarding the negotiations between China and the United States for the future signing of phase one of the trade agreement continue to set the trends of the markets.

These last days of the year for Texas crude have also been marked by data published by the American Petroleum Institute, a group of the oil industry, which has estimated that US oil stocks fell by 7.9 million barrels Last week, much more than expected by analysts.

Experts have also pointed out that Christmas dates, good domestic consumption rates and confidence in the good course of the US economy have helped raise Texan oil prices.

With virtually all Wall Street markers signing record figures, this has been a particularly good year for Texas oil, the price of which has increased by 35% during 2019, also driven by production cuts from the Organization of Exporting Countries of Petroleum (OPEC).

In this context, gasoline futures contracts due in January rose two cents, to $ 1.74 a gallon, and natural gas contracts, due in the same month, fell 4 cents to $ 2.25 for each thousand cubic feet.

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