The price of Texas intermediate oil (WTI) It opened this Thursday with a drop of 0.68%, to $85.62 a barrel.
At 9:01 local time (13:01 GMT), WTI futures contracts for delivery in May were down $0.59 from the close of the previous session.
Yesterday, the Energy Information Administration (EIA) reported that commercial crude oil reserves increased by 5.8 million barrels last week, although fuel reserves, which reflect demand, fell.
“Weekly EIA data was quite strong through the end of the first quarter and gasoline statistics particularly paint an optimistic picture of consumer health and demand momentum.”Tom Essaye notes this Thursday in his report The Sevens Report.
Essaye also indicates that the outlook for the oil market remains bullish due “mainly to geopolitical tensions and the persistent threat of a retaliatory attack by Iran” after the attack on the Iranian consulate in Damascusattributed to Israelin which several senior officials of the Iranian Revolutionary Guard.
Investors also have their eyes on the company’s monthly oil market report. Organization of Petroleum Exporting Countries (OPEC) to be published today and the International Energy Agency’s oil market report to be published on Friday. EFE (I)
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