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Texas oil rises 0.6% to close at $85.05 a barrel

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New York, Oct 21 – The price of intermediate oil from Texas (WTI) closed this Friday with a rise of 0.6%, to 85.05 dollars a barrel, although in the weekly calculation it lost a slight 0, 65%.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in December, the new reference month, gained 0.54 dollars compared to the previous settlement.

Benchmark US oil has been on the rise for several days, buoyed by news that China is considering easing restrictive measures against covid-19.

Also, some analysts believe that investors these days are inclined to see the glass as half full, instead of half empty, and do not believe that the Federal Reserve’s measures to aggressively raise interest rates will lead to a recession.

“Crude prices are ending the week higher as risk appetite returns on hopes the Fed doesn’t push the economy into a severe recession,” wrote Oanda analyst Ed Moya.

The president of the United States, Joe Biden, announced this week that he will release 15 million barrels of oil from his strategic reserves to calm gasoline prices after the production cuts announced by OPEC +, and that shot up its value.

However, the US government’s measure does not seem to have achieved its objective and, for the time being, has failed to counteract the upward trend in black gold, in a context that continues to be dominated by a tense balance between supply and demand.

December natural gas futures contracts shed 36 cents to $5.47, and gasoline futures due the same month added less than a cent to $2.47 a gallon.


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