Texas oil opens 0.52% higher to $ 61.67

New York, Apr 22 (EFE) .- The price of intermediate oil from Texas (WTI) opened this Thursday with a rise of 0.52%, to 61.67 dollars a barrel, despite concerns about inventories in the US. USA and the global pandemic.
At 09:08 local time (14.05 GMT), WTI futures contracts for delivery in June, the new reference month, totaled 32 cents compared to the close of the previous session.

Benchmark crude in the US started the day green despite an unexpected weekly increase in domestic crude reserves, a factor that pushed the price down for the second day in a row yesterday.

Inventories rose 594,000 barrels to 493 million, according to the Energy Information Administration, while surveys pointed to a 3 million drop.

Investors are also operating with some pessimism due to the worsening pandemic in India, the world’s third largest consumer of oil, and the possibility of restrictions in Japan, the fourth.
However, the market is confident in the progress of vaccination campaigns as the year progresses and in the recovery of Asian economies, according to experts.

Attention is also turning to the OPEC + meeting on April 28, as the oil cartel said it would start increasing supply from May.
“Given the latest covid developments and recent comments from Russia, any relief from production cuts seems less and less likely so soon,” said Oanda analyst Sophie Griffiths.