New York, Nov 3 (EFE) .- The price of intermediate oil from Texas (WTI) closed this Wednesday with a fall of 3.6% and stood at 80.86 dollars, dragged by a higher than expected increase in reserves of US crude
According to data at the end of the operations in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in December subtracted 3.05 dollars from the previous session.
The US benchmark oil went through a bad day due to the increase of 3.3 million barrels of crude in reserves during the past week, according to the Energy Information Administration reported today.
At the same time, gasoline reserves have fallen to their lowest levels in nearly four years.
In addition to the data on reserves, the market was pending the Federal Reserve’s monetary policy meeting, in which the central bank announced the start of reducing monthly bond purchases.
As for tomorrow’s OPEC + meeting, the group is expected to maintain its previously agreed progressive production increase.
However, experts point to speculation about the possibility that the US will release crude from its strategic reserves to calm prices.
Meanwhile, the increase in COVID-19 cases in some parts of China worries investors about the risk that their authorities will impose restrictions that reduce oil consumption, especially in the aviation sector.
On the other hand, natural gas contracts for December delivery rose 13 cents to $ 5.67 per thousand cubic feet, and gasoline contracts due the same month were down 11 cents to $ 2.34 a gallon.
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