New York, Jul 20 (.) .- The price of Texas intermediate oil (WTI) closed this Tuesday with a rise of 1.51%, to 67.42 dollars a barrel in a session in which crude oil managed to stabilize after the collapse of the previous day motivated by the new increase in coronavirus cases due to the advance of the delta variant.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for August delivery totaled $ 1 from Monday’s close.
Crude prices recovered on Tuesday some of the ground lost in the previous session thanks to the expectations that the market has regarding US crude inventories, whose data is published on Wednesday and is expected to reflect a decrease by ninth consecutive week.
In addition, the countries of the Organization of the Petroleum Exporting Countries (OPEC) expect demand for “black gold” to rise 6.6% in 2021, especially in the second half of the year.
The market was thus able to limit Monday’s losses, the biggest since last September, which occurred a day after OPEC and its allies (OPEC +), led by Russia, closed an agreement to increase their joint production of staggered over the next five months.
After lengthy negotiations, the main producers agreed on Sunday to increase their joint production in a staggered manner to reach an additional 2 million barrels per day (mbd) in December.
The OPEC + agreement was joined by significant concern among investors about the advance of the delta variant of covid-19, which threatens the economic recovery.
On the other hand, gasoline contracts due in August rose 2 cents and ended at 2.13 dollars a gallon, while those for natural gas for delivery in the same month rose 10 cents to 3.88 dollars per thousand feet cubic.
(c) . Agency