The price of Texas intermediate oil (WTI) opened this Thursday with a rise of 0.71%, to 111.12 dollars a barrel, continuing the momentum of the day before after the United States Energy Information Administration (EIA, according to its acronym in English) announced a reduction in oil inventories last week.
At 09:00 local New York time (13:00 GMT), WTI futures contracts for delivery in July gained 0.79 dollars from the previous day’s close.
According to the EIA, crude oil inventories in the country fell by one million barrels last week, given the increase in refinery production before the arrival of the summer season, which is linked to a greater demand for gasoline for travel. .
Likewise, gasoline inventories were also reduced by 500,000 barrels, although those of derived products rose by 1.7 million.
In addition to the tight supply of gasoline, the price of oil continues to be marked by the war in Ukraine and the obstacles to the imposition of sanctions on the import of Russian oil by the European Union, as well as by the situation in China due to the outbreak of coronavirus and fears of an economic recession.