[ad_1]
The price of Texas intermediate oil (WTI) rose 25.1% this Thursday and closed at $ 18.84 a barrel, boosted by the news that some large companies in the sector will reduce their production and expectations that there will be a rebound in demand, hit by the coronavirus.
At the end of operations on the New York Mercantile Exchange (Nymex) WTI futures contracts for June delivery totaled $ 3.78 from Wednesday’s previous session, where there was already a significant rebound of 22% after it was known that there was less than expected accumulation in the US reserves.
However, Texas is dismissing today one of the most volatile months in its history and analysts point out that the storage problem is still present, so the oil companies will have to make “expensive but necessary decisions” to continue lowering their production, according to a Rystad Energy note.
For its part, the price of a barrel of Brent oil for delivery in June ended today in the London futures market at $ 25.39, 11.85% more than at the end of the previous session.
North Sea crude, a benchmark for Colombia, concluded the day on the International Exchange Futures with an increase of $ 2.69 compared to the last trade, when it closed at $ 22.70.
Several countries have already begun to design their roadmaps to begin relaxing isolation measures against the COVID-19 pandemic, raising expectations of increased demand for crude. That forecast lowered fears in the crude oil market about difficulties in storing surplus oil that the industry continues to pump.
A smaller-than-expected increase in US stocks this week, as well as a decline in gasoline inventories, has also helped ease pressure on the price of crude.
EFE
