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Texas oil closes 1% higher, to $ 74.05 a barrel

New York, Jun 25 (.) .- The price of intermediate oil in Texas (WTI) closed this Friday with a rise of 1% and stood at 74.05 dollars, ending the week with a revaluation of more than 3%.

At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in August totaled 75 cents compared to the close of the previous day.

The benchmark oil in the US has its fifth consecutive week on the rise due to the good prospects for demand in Western countries, which are experiencing an increase in travel and leisure thanks to the economic reopening.

According to analysts, the agreement reached yesterday in the US between senators of different political backgrounds on an infrastructure plan, which still has a long way to go, has added optimism to the market.

Likewise, a new weekly fall in national crude reserves higher than expected, of 7.6 million barrels, has boosted the price of Texas.

Attention is focused on the next meeting that OPEC and its allies will hold on their production strategy on July 1, in which they are expected to decide to continue turning on the taps from August.

“The producer group has ample room to boost supply without derailing the reduction in oil inventories, given the good demand outlook,” said PVM analyst Stephen Brennock.

Negotiation on the 2015 nuclear pact is also in focus, although if an agreement is made and sanctions on Iran are lifted, it will probably be a while before its production returns to the market.

“WTI crude will probably stay in the middle of the $ 70 range until energy investors have certainty about how much Iranian production will increase,” said Ed Moya of Oanda.

For their part, gasoline contracts due in July fell 2 cents to $ 2.26 a gallon, while natural gas contracts for delivery the same month totaled 8 cents to $ 3.50 per thousand cubic feet.

(c) . Agency

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