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Texas oil rises 1.2% in its best data since mid-September

Texas oil rises 1.2% in its best data since mid-September


The price of Texas intermediate oil (WTI) closed on Tuesday with a rise of 1.2%, up to $ 60.93 a barrel, and again marks its best record in three months, sponsored by trust in the trade agreement of the United States and China.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in January totaled 72 cents compared to the previous session on Monday.

Oil prices rose again after phase one of the trade agreement between China and the United States was closed, so that oil has returned to doing its best data since mid-September.

Washington and Beijing signed a pact last Friday, according to which the US authorities said some tariffs would be reduced in exchange for a significant increase in Chinese purchases of US agricultural products and other goods.

The long trade dispute that has taken place in the last year had decreased the demand for oil and affected prices significantly.

However, after the rubric, financial institutions are now reviewing their price forecasts for 2020 following the improvement of business prospects and the decision of the Organization of Petroleum Exporting Countries (OPEC) to reduce their production by 500,000 barrels per day as of January 1.

Despite the good data, some analysts point out that there is still a certain risk climate and that the next important event to consider in relation to Texas crude oil is the publication of the weekly statistics of the US oil inventory, prepared by the American Petroleum Institute.

In fact, supply reports are expected to show that US crude oil inventories fell during the past week.

In this context, gasoline futures contracts expiring in January are at $ 1.69 a gallon, and natural gas contracts, expiring the same month, fell two cents to $ 2.32 per thousand cubic feet.

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