Texas crude rose 0.9% after fall in US reserves

The price of Texas intermediate oil (WTI) rose 0.9% and closed at $ 58.58 a barrel following the Federal Reserve (Fed) decision to lower interest rates by 0.25% and the fall in reservations in the United States

At the closing of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in September totaled 53 cents compared to the previous day.

The price of the reference barrel in the United States rose for the fifth consecutive day, amid the expectations that the market had for the meeting on monetary policy of the Federal Reserve (Fed) and which were somehow affected.

For its part, the central bank lowered the rates a quarter of a point, on a move of between 2% and 2.25%, which is the first cut in the price of money in the country in more than a decade, due to “the inflationary pressures” and the “implications of global events.”

Meanwhile, investors reacted to a larger than expected drop in oil reserves of 8.5 million barrels in the week ended July 26, according to the Energy Information Administration.

With this scenario, gasoline contracts for delivery in August rose less than a penny to $ 1.90 a gallon and natural gas contracts for delivery in September totaled almost ten cents to $ 2.23 per thousand cubic feet.

L. Saenz

Source: Banca & Negocios 

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