The price of Texas intermediate oil (WTI) closed Tuesday with a rise of 2.8% and stood at $ 41.96 a barrel, at levels not seen since the beginning of March, driven by the European recovery plan against the coronavirus and promising advances in the race for a vaccine.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for August delivery totaled $ 1.15 from Friday’s previous session, coinciding with its expiration date. Future contracts for September, the new reference month to be used from tomorrow, rose 2.4% or $ 1 to $ 41.92.
The price of Texas progressed in line with the benchmark Brent, which closed at $ 44.32 per Barrel, 2.35% more than in the previous session, after the heads of state and the European government reached an agreement in Brussels for a plan of 750,000 million euros (859,000 million dollars) aimed at taking the economy of the region from the deep recession into which the coronavirus has plunged it .
According to analyst Phil Flynn of The Price Futures Group, that European stimulus package “will fuel demand and allow for a risk-taking attitude that will lift markets and create economic forces that will burn more
oil “, in statements collected by the Marketwatch portal.
Investors are now awaiting the weekly data on the US oil reserves that will be published tomorrow by the Energy Information Administration and that, according to a survey of analysts of the S&P Global Platts firm, could report a drop of 1 , 9 million barrels.
On the other hand, markets continued to savor promising advances in tests of a COVID-19 vaccine today, such as those disclosed by the University of Oxford and the pharmaceutical company AstraZeneca, and the news of the purchase of Noble Energy by the Chevron oil company for 5 billion dollars.
Analyst Bjornar Tonhaugen of Rystad Energy, however, points out that the “threat of a second wave of confinements” continues to press down prices, precisely when 3.8 million new cases of COVID-19 are already counted. in United States.
Gasoline contracts expiring in August added five cents, up to $ 1.28 a gallon, and natural gas for delivery in the same month totaled three cents, up to $ 1,675 per thousand cubic feet.
EFE
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