The price of Texas intermediate oil (WTI) rose at the opening of this Thursday a slight 0.07%, up to 80.67 dollars a barrel, heading to close with big gains a week shorter than normal for the celebration of Good Friday.
At 9:00 a.m. local time (1:00 p.m. GMT), the futures contracts of the WTI for delivery in May earns 0.06 dollars with respect to the close of the previous day.
He Petroleum has been stable for two days few variationsafter shooting up on Monday more than 6% after the Organization of Countries Oil Exporters and its partners, led by Russia, unexpectedly announced further cuts to their collective production targets.
Yesterday he Petroleum The US benchmark closed even dragging a slight loss of 0.1% despite the bullish data on crude oil inventories in USA.
inventories
The Information Agency Agency (EIA) announced yesterday that the oil inventories in the week that ended on Friday, April 30, they fell by 3.7 million barrels, above estimates.
Likewise, the gasoline inventories they fell by 4.12 million barrels and those of distillates 3.63 million.
On the other hand, the federal government of Iraq and the semi-autonomous region of Kurdistan have reached an agreement to resume the oil exports from Kurdistan via a pipeline from Iraq through Turkey to the port of Ceyhan and that last week contributed to the rise in the price of black gold.
“The fundamental dynamics of the market for oil changed this week with the production cut announced by OPEC+, which he said was aimed at regaining control of the markets and scaring off speculators,” analyst Tom Essaye said in his daily Sevens Report today.
However, Tried He also pointed out the possibility that the OPEC+ forecast a drop in demand “due to recessionary pressures.”
“If this were the case, it would probably be the first of multiple cuts in the productionas world demand would fall sharply in a recession and oil prices Petroleum would almost certainly follow the same path,” he added.
