Texas Oil (External Source).The price of Texas Intermediate Oil (WTI) closed this Friday with a rise of 4.7% and stood at $92.64, thus ending the week above the $90 barrier after OPEC+ announced that will cut its oil production by 2 million barrels per day.At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in November totaled 4.19 dollars compared to the previous close.The price of US black gold rose for the fifth consecutive session, gaining 16.5% compared to the previous week, when it closed below $80."For several weeks, fears about a weakening global economy had been weighing on oil prices," Colin Cieszynski, chief market strategist at SIA Wealth Management, told Market Watch.“This week, however, sentiment changed after OPEC+ showed the world that it is prepared to cut supply to defend price against central bank and political opposition from the US and other countries,” he added. the.The Organization of Petroleum Exporting Countries and its allies (OPEC+), led by Saudi Arabia and Russia, decided last Wednesday in Vienna to reduce its output by 2 million barrels per day (mbd) from November, which represents the largest cut of oil supply since May 2020.However, Capital Economics estimates that the decision will result in a cut of just over 1 million barrels per day, or about 1% of global supply.For his part, Tom Essaye noted this Friday in The Sevens Report that the OPEC+ production cut this week “has been the main driver of the energy rebound”, but that other news has also been favorable, such as “the report weekly report from the EIA (the US Energy Information Administration) and economic data that offer evidence that US Federal Reserve (Fed) policy is achieving its goal of slowing growth.”“Traditionally slower growth is negative for oil from a demand standpoint.But in the current environment, it all depends on the Fed's expectations,” he added.Natural gas futures for November were down 22 cents to $6.74, and gasoline futures due the same month added 5 cents to $2.73 a gallon.HOY Newspaper: We are a highly credible medium, constantly updated and that offers varied and complete information on politics, economy, sports and entertainment, both nationally and internationally.Av. San Martin #236, Santo Domingo, Dominican Republic Tel (809) 565-5581Email: periodicohoy@hoy.com.do© 2022,Today |All rights reserved