© Reuters. Texas oil rose 2.1% to close at $ 89.11 a barrel
New York, Oct. 13 (.) .- Oil prices closed on Thursday up 2.1%, at $ 89.11 a barrel, driven by the decline in US commercial diesel reserves in the colder months.
Upon completion of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for November delivery were up $ 1.84 from the previous close.
US benchmark crude started the day lower, but reversed that trend after weekly US government data on oil and other fuel stocks, which had a mixed pattern.
Although oil and gasoline reserves have increased, those of distillates, which include diesel and fuel oil, have been below the historical average, suggesting that there will be reduced supply before winter arrives.
Stocks of spirits fell by 4.9 million barrels, more than double the estimate, to 106.1 million, the lowest level since last May, according to the US Energy Information Agency.
Apart from this, among the factors that have influenced the market today is the slight lowering of the growth estimates for oil demand for this year and 2023 issued yesterday by the International Energy Agency (IEA).
That reduction came after OPEC’s similar forecast for this year due to new cases of covid-19 in China, which applies a policy of strict confinement to combat contagion and high inflation.
Meanwhile, the most recent inflation data in the US suggests that the Federal Reserve will continue to raise interest rates aggressively, impacting the economy.
Natural gas futures for November were up nearly 31 cents to $ 6.74 and gasoline futures expiring the same month gained more than 7 cents to $ 2.70 per gallon.
