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Texas oil closes 0.22% higher, to $ 71.81

New York, Jul 16 (.) .- The price of Texas intermediate oil (WTI) closed this Friday with a rise of 0.22% to 71.81 dollars, but ended the week with a decrease of more than 4% after several days of decline in the face of data that indicated a possible lower consumption and an OPEC + agreement that would lead to a greater supply.

At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for August delivery totaled 16 cents compared to the close of the previous day.

The benchmark oil in the US thus put an end to two consecutive days of notable losses, since on Wednesday the WTI slipped by 2.82% and on Thursday by 2.02%.

These drops have occurred amid concerns about the pace of recovery in fuel demand, especially given the advance of the delta variant of covid-19 in many countries, and the doubts that producing countries have created regarding to supply levels for the second half of the year.

After being unable to agree to an increase in production, the negotiations between the members of OPEC + continue and, according to some sources, there would already be a compromise between the United Arab Emirates (USA), whose position had become the main stumbling block in the discussions. , and Saudi Arabia.

The US denied on Wednesday that that agreement is closed, but the expectation of the markets is that there will finally be a pact to increase supply, which OPEC + has kept at low levels in response to the fall in demand during the pandemic.

Oil in Texas has thus lost some of the ground gained in recent months, as a result of the economic reopening, and the monthly rise was only 0.14%.

For their part, gasoline contracts due in August registered almost imperceptible gains and stood at 2.25 dollars per gallon, while those for natural gas for delivery in the same month rose 7 cents to 3.68 dollars per gallon. thousand cubic feet.

(c) . Agency

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