Texas oil rises 0.01% to close at .11 a barrel

Texas oil rises 0.01% to close at $85.11 a barrel

New York, Sep 16 (EFE).- The price of intermediate oil from Texas (WTI) closed this Friday with a slight increase of 0.01% to 85.11 dollars a barrel, but the weekly global price ended with losses due to renewed concerns about falling international demand.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in October added 1 cent from the previous closing.

Fears of sharp increases in interest rates that are expected to curb global economic growth and fuel demand sent the price of crude oil down $1.68 compared to last Friday.

The crude market was also hit by the International Energy Agency’s outlook for near-zero oil demand growth in the fourth quarter due to weaker demand in China.

However, the Organization of the Petroleum Exporting Countries (OPEC) assured that the world demand for black gold in 2022 and 2023 will be stronger than anticipated due to the fact that the main economies are doing better than expected despite challenges such as the rise in inflation.

Another reason that has negatively affected the price of crude oil is a stronger US dollar, which makes oil more expensive for buyers using other currencies.

October natural gas futures contracts fell 56 cents to $7.76, and gasoline futures due the same month shed 1 cent to $2.41 a gallon.

(c) EFE Agency

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