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Oil prices August 12, 2022 | International

Written by ebookingservices

The price of Texas intermediate oil (WTI) fell 2.4% this Friday and stood at 92.09 dollars a barrel, although it ends the week revalued as some fear of a recession dissipates.

(Revenue and levy on oil, Petro’s tax recipe).

As trading ended on the New York Mercantile Exchange (Nymex), WTI futures contracts for September delivery were down $2.25 from the previous close.

Despite the decline, the US benchmark oil gains 3.90% in the weekly accumulated thanks to lower concerns about the recession among investors.

For its part, the price of a barrel of Brent oil for delivery in October ended this Friday in the London futures market at $98.17, 1.35% less than at the end of the previous session. North Sea crude, a benchmark in Europe, ended the day on the International Exchange Futures down $1.34 compared to the last trade, when it closed at $99.51.

The sights were set on a break announced by the oil company Shell on the US Gulf coast, but it seemed that the problem was going to be resolved this Friday and that it would not affect supply too much.

(Why the price of oil will continue below 100 dollars).

According to analysts, the market also traded lower due to the opposite outlook on the demand for crude oil for this year from OPEC, negative, and from the International Energy Agency (IEA), positive.

This Thursday, OPEC estimated that crude oil consumption will grow in 2023, but for this year it revised its forecasts slightly downwards due to geopolitical risks and the pandemic in the second half.

Meanwhile, the IEA has raised its demand growth forecasts for the coming months, which it attributes to a greater use of crude oil compared to gas due to the sharp rise in prices of the latter source.

“There has been a lot to digest this week, with the nuclear negotiations with Iran underway, the rise in inventories in the US, also the rise in production, the saga of the Russian Druzhba pipeline and various forecasts,” said analyst Craig Erlam, of the firm Oanda.

Natural gas futures contracts for September fell 11 cents to $8.77, and gasoline futures due the same month fell almost 3 cents to $3.05 a gallon.

EFE

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