New York, May 28 (EFE) .- The price of intermediate oil in Texas (WTI) closed this Friday with a decrease of 0.79% to 66.32 dollars, despite which it ended the week with an accumulated advance of about 4% after the release of economic data that point to a recovery in the US economy.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in July were down 53 cents from the close of the previous day.
With Friday’s losses, benchmark crude in the US interrupted its five days of consecutive rises, in which good news from the financial sector, indicating a decline in applications for unemployment benefits and higher corporate spending , drove the price of “black gold”.
After today’s decline, the WTI closed the week with an accumulated advance of 3.84%, while it ended the month of May -which reaches its last trading day this Friday since next Monday is a holiday in the US. .- with gains of 4.67%.
“Improvements in the labor market, the housing market and consumer confidence have solidified the scenario for the recovery of demand” for oil, explained Velandera Energy CFO Manish Raj.
This Thursday the US authorities released the latest employment figures for the country, which indicate that requests for unemployment benefits last week were 406,000, below the 425,000 expected, which reveals an improvement of the labor market.
Other data also revealed that corporate spending accelerated last April and that there had been a decline in US oil reserves of 1.7 million barrels.
One of the few factors that limited the rise in the price of crude oil was the possibility of reaching an agreement with Tehran and lifting the sanctions imposed against Iran, which would lead to an increase in the supply of “black gold”.
For their part, gasoline contracts due in July fell two cents to $ 2.13 a gallon, while natural gas contracts for delivery the same month totaled 3 cents to $ 2.99 per thousand cubic feet.
(c) EFE Agency