Crude rises before the forecast of greater consumption and touches 100 dollars

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The ‘black gold’ climbs and is already touching the barrier of 100 dollars. The price of a barrel of oil Brent for delivery in October it was placed this Thursday in the London futures market at 99.51 dollars, 2.09% more than at the end of the previous session. North Sea crude, a benchmark in Europe, concluded the day on the International Exchange Futures with an increase of $2.04 vs last tradewhen it closed at $97.47.

For its part, the price of Texas intermediate oil (WTI) rose 2.6% this Thursday and stood at 94.34 dollars a barrel. At the end of operations on the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in September added 2.41 dollars with respect to the previous closing.

The rebound occurs after the Organization of Petroleum Exporting Countries (OPEC) has maintained its forecast of an increase in consumption global crude by 2.7% in 2023, thanks to “healthy global economic growth” and the containment of the Covid pandemic in China. In its monthly report on the crude oil market, OPEC forecasts that in 2023 the demand for oil will reach 102.72 million barrels per day (mbd), with strong increases in China, Russia or Indiaand more moderate in the rich countries of the West.

Also contributing to the rise was the perspective of the International Energy Agency (IEA) that the Crude demand remains robust even if the global economy slows down, because rising gas prices will boost other forms of energy. Specifically, he has indicated in his report that motor gasoline inventories decreased by five million barrels, although crude oil increased by 5.5 million, more than expected. “It’s indicates that gasoline demand recovered to a great extent, and that will create new demand for oil in the future,” says analyst Tom Essaye, in a report by the firm Sevens Report. Natural gas futures contracts for September rose 67 cents, to 8.87 dollars, and those of gasoline with expiration the same month added less than 1 cent to $3.07 a gallon.


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