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October 10, 2024 – 21:39
New York, Oct 10 (EFE).- The price of Texas intermediate oil closed this Thursday with a rise of 3.6%, up to $75.85 a barrel, driven by operators’ fear that the escalation of tension between Israel and Iran threatens oil flows in the Middle East.
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in November totaled $2.61 compared to the previous session.
“The conflict in the Middle East continues to be a cause for concern, especially if any military action affects the production or transportation of crude oil,” Coli Cieszynski, chief market strategist at the firm SIA Wealth Management, told the specialized portal Marketwatch today.
After two consecutive sessions of decline, oil was boosted today by the growing tension between Israel and Iran, although the rise was limited by concerns about weak demand for black gold in China and fear that in 2025 the supply will exceed to the demand.
On the other hand, today the focus was also on the impact of Hurricane Milton in Florida, which left more than 3.4 million homes and businesses without electricity and left a quarter of gas stations without gasoline.
In the last two days, crude oil was weighed down, firstly, by a lack of immediate response from Israel to Iran’s attack with more than a hundred missiles, and secondly by the increase in crude oil inventories last week. .
Now, traders have their eyes on the possibility that China, the largest oil importer, will announce another package of measures this weekend to stimulate its economy.
Likewise, the market is also closely monitoring the next steps of the Organization of the Petroleum Exporting Countries and allies (OPEC+), after the alliance said last week that it will maintain its production plans.
In other markets, natural gas contracts for delivery in November rose to $2.68 per thousand cubic feet and gasoline contracts expiring in the same month rose to $2.15 per gallon due to the effects of Hurricane Milton in Florida. . EFE
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