TEXAS – The price of Texas intermediate oil (WTI) rose by 0.65% with a cost of US$54.01 a barrel, due to a journey affected by the global reduction in crude oil production and signs of increased demand for refined products from the United States. New York Mercantile Exchange’s (Nymex), WTI futures’ contracts for delivery in March totaled US$0.35 compared to the previous session.
After two consecutive downturns, oil prices rose with a general decline in “black gold” production, as evidenced by a lower than expected increase in US crude oil reserves.
The country’s government revealed that last week, it recorded an increase of 1.3 million barrels, a figure significantly lower than the 2.2 million barrels that analysts expected.
The same happened with gasoline, which rose by 513,000 barrels, below expectations, while distilled products recorded a significant fall of 2.3 million barrels.