US GDP data for the third quarter showed that US crude exports reached an all-time high, a hopeful sign for demand.
Speculation that central banks may be nearing the end of interest rate hike cycles gained support after the European Central Bank decided on a 75 basis point hike.
In this context, in less than a week the barrel of oil has risen almost 6% and prices are once again around 100 dollars.
Added to the growth in crude oil exports is a high demand for diesel, which leads the distilleries in the United States to work at full capacity.
Diesel is being bought for storage and used for heating, in anticipation of a harsh winter in the northern hemisphere, although the weather is still benign in much of that portion of the planet.
The increase in crude exports occurs at a time when reserves are increasing, which shows that the production of unconventional hydrocarbons is generating some peace of mind for the administration of Joseph Biden.
US GDP grew 2.6% annually in the third quarter after falling 0.6% in the previous period.
December natural gas futures contracts fell 7.5% to settle at $5.20 per million BTU.
Finally, gold fell 0.2% and traded at 1,667 dollars per ounce.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
