WTI crude oil opens with a decrease of 0.10%, at $81.2 per barrel.
The bullish peak observed on Tuesday, when Texas oil reached $83.30, seems to have reversed in the last days and hours.
The price of West Texas Intermediate (WTI) crude oil opened this Thursday with a slight decrease of 0.10% following the release of US crude inventory figures.
Futures contracts for WTI crude for delivery in April were down eight cents compared to the previous session’s close.
Analysts attribute this morning’s downward trend to US crude inventory figures, which have unexpectedly fallen for the second consecutive week by 2 million barrels.
Data from the national Energy Information Administration indicated yesterday that current inventories stand at 445 million barrels.
Another significant factor in this country, the world’s largest consumer of oil, could be the announcement from the Federal Reserve that it is maintaining interest rates but is not ruling out implementing three rate cuts throughout the current year.
The bullish peak observed on Tuesday, when Texas oil reached $83.30, seems to have reversed in the last days and hours.
Meanwhile, natural gas futures declined during Thursday’s European session.
At the New York Mercantile Exchange, natural gas futures for April were trading at $1.69 per million British thermal units (MMBtu). As of this report, they were down 0.29%.
They reached an early session low of $1.69 per MMBtu. Natural gas is likely to find support at $1.646 and resistance at $1.774.
The Dollar Index Futures, which tracks the dollar’s trend against the group of the other six major currencies, rose by 0.10% to trade at $103.15.
On the other hand, at Nymex, crude oil for May delivery fell by 0.27% to trade at $81.05 per barrel, while heating oil for April delivery dropped by 0.74% to trade at $2.68 per gallon.
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