Sunday, May 28, 2023

Texas oil opens 0.39% higher

He price Texas intermediate oil (WTI) started this Friday with a rise of 0.39%, to $77.67 the barrel, as the fear of a possible recession returns to become more present among investors.

At 9:00 a.m. local time (1:00 p.m. GMT), the contracts WTI futures for delivery in May totaled US$0.30 compared to the close of the previous day.

yesterday the price of black gold dropped 2.4%.

Analysts point to the expectations of new increases in rates by the Federal Reserve (Fed) and other central banks as one of the reasons that explain these decreases, together with the strengthening of the dollar with respect to other currencies.

Since the dollar It is the currency with which oil is traded, its increases make it more expensive for foreign buyers, which affects its demand.

“Looking forward, it is almost certain that the operators will push WTI futures down to close the gap between the April 3 open of $80.10 and the March 31 close (previous) of $75.70,” Tom Essaye said in The Sevens Report today. .


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