Tuesday, February 7, 2023

Texas oil rose to $77.94

Photo: EE File

Texas Intermediate oil (WTI) prices on Wednesday opened higher by 2.24% to $77.94 per barrel following a bigger-than-expected decline in crude inventories in the United States, according to American Petroleum Institute (API) data. ,

At 9:00 am local time (14:00 GMT), the WTI futures contract for February delivery was up $1.71 from the previous day’s close.

Awaiting official data on crude inventories for the previous week, the API on Tuesday forecast a decline of 3.1 million barrels for the week ended the 16th.

The Sevens Report firm also pointed out that a discount in the dollar’s price is one of the reasons for the recent rise in black gold, as well as optimism over the reopening of the economy of China, the world’s biggest oil consumer. ,

“However, it remains to be seen how higher energy demand will offset a possible slowdown in the global economy. This is the reason why oil has not rallied further since China’s reopening,” a trader said today.

Nation World News Desk
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