The price of intermediate oil of Texas (WTI) today finally rose 2.5% and stood at 45.54 dollars a barrel, in a day of ups and downs that finally has been positive because analysts have appreciated Saudi Arabia’s effort to reduce supply.
At the end of the live operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in the month of February totaled $ 1.13 compared to the previous session.
Oil prices soared on the first day of operations in 2019, reinforced by Saudi Arabia’s tighter supply signs that offset record production in the United States and Russia, and concerns about a global slowdown in the economy. .
Crude futures in Texas rose up to 5% before the close of today’s session, after opening with losses, a volatility like the Wall Street that seems to have infected US oil.
US analysts They attribute the situation to signs that Saudi Arabia is beginning to fulfill its promises to reduce production after a rapid collapse in oil prices in the fourth quarter.
It must be remembered that in parallel OPEC will have to agree this January with 10 other oil-producing nations, including Russia, to reduce production by 1.2 million barrels per day.
Meanwhile, gasoline contracts with expiration in February totaled more than two cents and stood at $ 1.32 a gallon, while those of natural gas, due in the same month, advanced 2 cents, to $ 2,958 for each one thousand cubic feet.