The price of Texas intermediate oil (WTI) opened with a rise of 0.28%, in the $78.76 a barrelthus getting closer to ending the month of February with profits.
At 9:05 local time (14:05 GMT), WTI futures contracts for delivery in April rose $0.22 compared to the close of the previous session.
So far this month, US crude oil has managed to add more than 2.5 dollars and Last Tuesday it closed at a new high for 2024.
The Energy Information Administration (EIA) announced this week that US commercial crude oil inventories increased by 4.2 million barrels last week.
«Apart from the EIA data, Geopolitical tensions remain high in the Middle East and Eastern Europe and that is also beginning to affect the price of oil as the costs of transporting oil on alternative trade routes increase,” Tom Essaye notes this Thursday in his report. The Sevens Report.
Crude shipments are being diverted to avoid the Red Sea, where Iran-backed Houthi rebels continue to attack commercial ships. EFE
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