Texas oil opens 0.87% down to $ 65.04

Texas oil opens 0.87% down to $ 65.04

New York.- The price of intermediate oil from Texas (WTI) opened this Monday with a decrease of 0.87%, to 65.04 dollars a barrel, despite the good economic news from China.

At 09.10 local time (14.10 GMT), WTI futures contracts for April delivery were down $ 0.57 from the close of the previous day.

The US benchmark crude began the session in the red after remaining almost unchanged last week and the previous two triggered by expectations of recovery and limited supply of crude.

The market operated with sales despite a positive reaction to the growth data of China’s industrial production in January and February, which exceeded expectations, with a jump of 35% year-on-year.

“The pace of industrial growth in China has been a surprise to investors, who have revalued the price of oil as they understand that its need and the growth of industrial production go hand in hand,” said Rystad analyst Louise Dickson Energy.

“The generally positive momentum of the economic recovery, vaccines and crude demand have significantly adjusted the outlook for the oil market, apart from measures led by Saudi Arabia to keep OPEC + production cautious,” he added.

OPEC and its allies recently decided to keep their production cuts in April largely unchanged, causing prices to rise sharply.

Meanwhile, US production continues to rebound from the effect of the winter storm in Texas and its refining capacity rose 1.6 million barrels a day last week, according to research firm IIR Energy.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.