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October 25, 2024 – 21:41
New York, Oct 25 (EFE).- The price of Texas intermediate oil closed today with a weekly increase of 3.7%, pressured by geopolitical tension in the Middle East and uncertainty over the elections in the US.
The WTI futures contracts for delivery in November appreciated this Friday by 2.27% or $1.57 compared to yesterday’s close and closed the day at $71.78.
Analysts pointed out today how expectations regarding the retaliation expected from Israel against Iran have marked the week, with ups and downs that have finally yielded a positive balance today.
“The potential for war has been a driving force in the upward movement of oil markets, but nothing like a supply crunch derived from the conflict has developed,” analyst Tom Essign of the signed Charles Schwab.
Israel continued its offensive in northern Gaza today after bombing the Jabalia refugee camp last night, on a day in which Benjamin Netanyahu’s Government presented a proposal for a new round of negotiations that could include a definitive ceasefire in the Strip.
On the other hand, uncertainty over the November 5 elections in the US and the next movements of the Federal Reserve have contributed to the strengthening of the dollar against other currencies in the last month.
Since the Texas barrel is traded in the US currency, its strengthening makes it more expensive in foreign markets.
On the other hand, natural gas contracts for delivery in November rose to $2.56 per thousand cubic feet and gasoline contracts due the same month fell to $2.08 per gallon. EFE
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