Texas oil rises 1.8% to close at .11 a barrel

Texas oil rises 1.8% to close at $88.11 a barrel

New York, Aug 17 (Globe Live Media).- The price of Texas intermediate oil (WTI) rose 1.8% this Wednesday and stood at 88.11 dollars a barrel, thus breaking a losing streak, after The US will show a much larger-than-expected decline in crude oil inventories thanks to a strong increase in exports.

At the end of operations on the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in September added 1.58 dollars with respect to the previous closing.

US commercial crude stocks fell 7.1 million barrels in the week ended August 12, to 425 million barrels, according to the Energy Information Administration (EIA).

Meanwhile, US crude exports reached 5 million barrels per day, also according to the EIA, the highest ever recorded.

Earlier this week, the price of black gold dipped below $90 a barrel on recession fears following poor economic data from the biggest buyer of black gold, China.

Also, the energy market is watching closely for a deal that could allow more Iranian oil exports.

Negotiations to salvage the 2015 nuclear pact between Iran and Germany, France, the UK, Russia, China and the United States, indirectly, appear to be close to a successful conclusion.

September natural gas futures contracts fell 8 cents to $9.24, and gasoline futures due the same month added 3 cents to $2.93 a gallon.

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