Texas oil closes 0.7% higher, to $ 59.77

New York, Apr 7 (EFE) .- The price of intermediate oil from Texas (WTI) closed this Wednesday with a rise of 0.7%, to 59.77 dollars, after knowing a weekly drop in crude oil reserves.

At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in May totaled $ 0.44 compared to the close of the previous day.

The Energy Information Administration reported a weekly decline of 3.5 million barrels of crude last week, unexpected for analysts, although gasoline and distillate inventories increased.

Data indicates that US production continues to rebound from the halt caused by the Texas winter storm in February and also from the hit from the pandemic, but experts say demand is not picking up yet.

On the other hand, analysts expressed concern about the future of demand after the European Medicines Agency (EMA) confirmed a “possible link” between the formulation of the AstraZeneca-Oxford vaccine and “unusual” cases of thrombi.

“If the campaigns are delayed, oil demand will also take longer to recover, as restrictions and lockdowns are only planned to be lifted once the critical mass of the population is immunized,” said Louise Dickson of Rystad Energy.

Investors are awaiting multilateral negotiations in Vienna for Iran and the US to return to the nuclear agreement, due to the consequences that a possible lifting of sanctions on Tehran could have on the energy market.

“On the one hand, a decline in crude inventories and optimism about the improvement in global economic forecasts is driving demand for oil. On the other, concerns about higher production and optimism around the US talks. The US and Iran on the nuclear program are weighing it down, “explained Oanda analyst Sophie Griffiths.

Gasoline contracts due in May reduced 1 cent to $ 1.95 per gallon and natural gas contracts for same-month delivery rose 6 cents to $ 2.52 per thousand cubic feet.

(c) EFE Agency