Oil prices rise due to higher demand

Written by ebookingservices

In the first of these markets, Texas Intermediate Crude (WTI), the reference in the United States, climbed 2.41 dollars (2.6 percent), and was quoted at closing at 94.34 dollars a barrel.

Likewise, the benchmark oil in Europe, Brent, dismissed Thursday’s operations in the London market traded at 99.51 dollars per barrel, which meant an increase of 2.04 dollars (2.09 percent).

Experts agreed that both markers increased their value today shortly after the Organization of Petroleum Exporting Countries (OPEC) increased its forecast of an increase in black gold consumption of 2.7 percent.

This was also helped by the publication of a report by the International Energy Agency (IEA), according to which motor gasoline inventories fell in the United States by five million barrels.

Related to the latter, Tom Essaye of the Sevens Report firm said that this indicates that gasoline consumption has largely recovered, which will create new demand for oil in the future.

Meanwhile, in New York, natural gas futures contracts, due in September, advanced 67 cents on the dollar today, to 8.87 dollars.

In turn, those of gasoline, to be supplied in that month, rose nearly one cent, and remained at 3.07 dollars per gallon.



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