Texas oil rises 1.3% and closes at $ 79.35 a barrel

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New York, Oct 8 (EFE) .- The price of intermediate oil in Texas (WTI) closed this Friday with a rise of 1.3% and stood at 79.35 dollars, in a day in which its value reached reach $ 80 a barrel, the highest price since 2014.

According to data at the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for November delivery totaled $ 1.05 compared to the previous close.

The US benchmark oil started positive, continuing the increase experienced on Thursday, after fears were abated over the possibility that the Joe Biden Administration would remove strategic oil reserves to tackle the energy crisis.

Fears that disappeared today after the US Government’s Department of Energy assured that it had no plans to reduce its strategic reserves in an effort to cool rising prices.

“The Department of Energy continues to monitor the supply of the global energy market and will work with our partner agencies to determine if and when action is needed,” the agency said in a statement noting that while all possibilities are being considered, “there are no no immediate plan to take those stockings at this time. “

Added to this is “the global energy supply shortage that reduces fuel availability” and that pushes prices up, as the expert in crude markets, Louise Dickson, points out.

For Dickson, the temporary drop in the price of crude oil on Thursday due to the possibility that the United States put its reserves into operation was due to a confusion from which the value of black gold recovered quickly.

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The price of Texas has climbed in recent weeks – and more than 60% since the beginning of the year – due to tight global supply and increased demand due to the economic recovery.

The OPEC + alliance announced this week that it was leaving its plans to increase supply unchanged and that in November it would increase its joint oil production by 400,000 barrels a day.

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