Oil is already close to 60 dollars

The price of intermediate oil of Texas (WTI) closed this Wednesday with a sharp rise of 2.7% and stood at $ 59.30, thus touching and at 60 a barrel, a rise that has to do with a significant fall in the US supply, to which is added the growing tension with Iran in the Strait of Hormuz.

At the end of the day-to-day operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in August advanced 1.55 dollars compared to the previous day.

Oil prices soared on Wednesday when, in the first instance, operators certified a significant drop in the supply of the United States, as well as the possible closure of the most important refinery on the US East Coast. for an operational incident.

The affected refinery is owned by Philadelphia Energy Solutions and there is substantial damage to the complex, according to local media, at a plant that is located in the most densely populated part of the east coast of the United States.

According to the data of the American Petroleum Institute, the US crude reserves They fell by 7.5 million barrels in the week ended June 21 to 474.5 million, when analysts’ expectations had evaluated the decrease by 2.5 million barrels.

In addition, crude stocks at the US distribution center in Cushing, Oklahoma, fell by 1.3 million barrels.

The drop in the crude inventory and the interruption of the refinery added to the uncertainty about the oil supplies created by the tension between the US. and Iran.

This has raised fears that shipments of oil through the Strait of Hormuz, the busiest oil supply route in the world, could be interrupted. EFE

Source: https://www.larepublica.ec/blog/economia/2019/06/26/petroleo-roza-60-dolares/