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October 24, 2024 – 22:27
New York, Oct 24 (EFE).- The price of Texas intermediate oil closed this Thursday with a drop of 0.82%, to $70.19 per barrel, after weak data on demand in Europe was released.
WTI futures contracts for delivery in November subtracted $0.58 from yesterday’s close.
The US benchmark crude oil was trading higher today until a report from the European Central Bank (ECB) showed that business activity in the Eurozone stagnated in October and remains in contractionary territory; At that moment, it began to go down.
According to analysts, a certain optimism was also influenced by the resumption of ceasefire negotiations between Israel and Hamas, given that the persistence of the war is a risk factor for the market in the Middle East.
The US Secretary of States, Antony Blinken, announced today that negotiators “will meet in the coming days” to address a truce in the Gaza Strip and release the hostages.
Domestically in the US, commercial crude oil reserves increased by 5.5 million barrels last week, well above expectations, clouding demand prospects.
On the other hand, natural gas contracts for delivery in November rose to $2.52 per thousand cubic feet and gasoline contracts due the same month fell to $2.03 per gallon. EFE
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