New York, Dec 1 (EFE).- The price of Texas intermediate oil (WTI, in English) rose 1.32% this Monday, to $59.32 per barrel, with the focus on the attack on the Russian port of Novorossiysk and the delicate situation in Venezuela.
At the end of the session, WTI futures contracts for delivery in January added $0.77 to close at $59.32.
The spike came after one of three moorings on a key pipeline carrying crude oil from Kazakhstan to the Black Sea coast, operated by the Caspian Pipeline Consortium (CPC), was severely damaged following a Ukrainian attack over the weekend.
Kazakhstan submitted a formal protest to Ukraine over the attack on the Russian port of Novorossiysk, which destroyed a cargo terminal. This pipeline moves an average of 1.6 million barrels per day, and the CPC indicated that “any additional operation is impossible” until the damage is repaired.
In addition, markets are evaluating possible US military operations in Venezuela, especially after President Donald Trump announced the closure of airspace over the weekend.
Despite these tensions, analysts maintain a bearish outlook for the market, with expectations of a significant oil surplus next year.
“While the market outlook is bearish due to a large surplus forecast, lingering supply risks mean bearish conditions are not fully reflected in prices,” said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore. EFE
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