New York, Apr 6 (EFE) .- The price of Texas intermediate oil (WTI) closed this Tuesday with a rise of 1.2%, to 59.33 dollars, driven by good economic news.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in May totaled $ 0.68 compared to the close of the previous day.
Texas crude was boosted by positive economic data from the service sector in the United States and China in March, coupled with the upward revision of the International Monetary Fund’s global growth forecasts, thanks precisely to those two countries.
“Crude prices are advancing on optimism that the EU (European Union) will have enough vaccines to immunize most people by the end of June and on the improvement of the IMF’s global economic outlook in 2021,” said the analyst Ed Moya, from the firm Oanda.
Furthermore, “the imminent lifting of covid-19 restrictions in the UK offers investors hope that demand for transport crude will increase a bit this month,” added Rystad Energy analyst Louise Dickson.
The market today has been pending the meeting in Vienna of Iran and six great powers to save the 2015 nuclear deal, in danger since the abandonment of Washington in 2018 and the following Iranian defaults.
The US and Iranian representatives are not expected to sit at the same table to negotiate, and Washington acknowledged this Monday, after the first day of negotiations, that the dialogue with Iran will be “long” and will have “difficult parts.”
“If Iran and the US stay on the path of diplomacy, Iran could eventually see its sanctions lifted, which would mean more oil production,” Moya said.
Last week, the OPEC + alliance agreed to add some 2,141 million barrels per day (mbd) of crude oil to its current supply in three stages and months starting May 1.
Gasoline contracts due in May, the new reference month, added less than a cent to $ 1.96 a gallon, and natural gas contracts for same-month delivery fell 5 cents to $ 2.46 per thousand feet. cubic.
(c) EFE Agency