Texas oil rises 1.3% and closes at .48 a barrel

Texas oil rises 1.3% and closes at $88.48 a barrel

New York, Sep 14 (EFE).- The price of intermediate oil from Texas (WTI) closed this Wednesday with a rise of 1.3%, to 88.48 dollars a barrel, thus breaking with yesterday’s drop caused by inflation data for August in the United States, higher than expected.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in October added 1.17 dollars compared to the previous close.

Today the International Energy Agency (IEA) slightly lowered its forecasts for global oil demand for this year, specifically 110,000 barrels per day less than a month ago.

Its experts calculate that in 2022 the average consumption will be 100.1 million barrels per day, 4.8 million more than last year. In 2023, the increase will be 1.7 million barrels per day to 101.8.

In addition, the Organization of the Petroleum Exporting Countries (OPEC) said yesterday that global oil demand in 2022 and 2023 will be stronger than expected as major economies are doing better than expected despite challenges such as the rising inflation.

On the other hand, the US authorities announced this morning the Producer Price Index for August, whose interannual rate for August stood at 8.7%, compared to 9.8% registered in July and which has been better than the expected.

Yesterday’s fall came after the Bureau of Labor Statistics announced that the year-on-year inflation rate in the United States stood at 8.3% in August, two tenths less than in July.

However, compared to the previous month, consumer prices rose one tenth, after having remained stable in July and despite the sharp fall recorded by fuels, such as gasoline, which registered a decrease of 10.6%.

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With these data, investors fear that the Federal Reserve (Fed) will continue with its aggressive policy of raising interest rates.

Natural gas futures for October gained more than 83 cents on the dollar to $9.11, and gasoline futures due the same month gained more than 4 cents to $2.53 a gallon.

(c) EFE Agency

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