The price of Texas Intermediate Oil (WTI) closed this Thursday with an increase of 2.24% to $83.17 per barrel, breaking its downward trend of the last few days.
At the close of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for May delivery totaled $1.82 compared to the previous day’s close.
Yesterday, oil prices closed lower after the Energy Information Administration (IEA) reported a rise of 3.2 million barrels in U.S. commercial crude oil reserves – excluding the Strategic Petroleum Reserve – in the week ended March 22.