Texas oil opens 1.33% higher to .15

Texas oil opens 1.33% higher to $93.15

The price of Texas intermediate oil (WTI) opened this Thursday with a rise of 1.33% and stood at 93.15 dollars a barrel, driven by data from the International Energy Agency (IEA), which raised its forecast growth in oil demand for this year.

At 9:00 a.m. local time (1:00 p.m. GMT), WTI futures contracts for September delivery were up $1.22 from the close of the previous session.

On Wednesday, the IEA indicated in its report that inventories of motor gasoline decreased by 5 million barrels, although those of crude oil increased by 5.5 million, more than expected.
“That indicates that the demand for gasoline has largely recovered, and that will create new demand for oil in the future,” analyst Tom Essaye said Thursday in a report by Sevens Report.

In addition, the resumption of flows on the southern section of the Druzhba pipeline from Russia to Europe further calmed market concerns about global supply.

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