Tuesday, December 5, 2023

Texas oil opens 0.52% higher to US$75.15

The price of Petroleum Texas Intermediate (WTI) started this Friday with a rise of 0.52%, up to US$75.15 a barrel, while a possible recession continues to worry investors and when the effects of the last production cut dissipate.

At 9:00 a.m. local time (1:00 p.m. GMT), the futures contracts of the WTI for delivery in June added $0.39 compared to the close of the previous day.

Despite this rebound, Tom Essayein his report for The Sevens Report, notes that black gold prices remained low during the week, “as the market closed the technical gap created by the surprise OPEC+ production cut at the beginning of April.”

Looking ahead, Essaye points out that “the risk Recession is a major factor that will keep significant gains limited, probably well below $100 a barrel.”


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