Friday, September 29, 2023

Texas oil opens 0.83% higher, up to US$75.45 a barrel

He price of the barrel of intermediate oil from Texas (WTI) opened this Wednesday with a rise of 0.83%, up to US$75.45 a barrel, overcoming the psychological barrier of the $75after it was announced that the inflation rate in the United States fell one point in June, to 3%, reaching its lowest level since before the pandemic.

At 09:00 local time (1300 GMT), the futures contracts of the WTI for delivery in August they added up to US$0.62 compared to the close of the previous day.

He benchmark oil in the US it dawns on the rise after yesterday’s notable rise of 2.53%, after the International Energy Agency (IEA) indicated in its latest report that global crude oil inventories are going to fall in the next 15 months , although a predictable lower demand will cause the price escalation to moderate.

For the Sevens Report analyst, Tom Essaye, The oil trend is bullish in the short term, although it warns of fears of a recession based on the interest rate hike policy of the Federal Reserve (Fed) of the United States.

Precisely, many investors hope that the reduction of the inflation in June it could lead the US central bank to relax its policy of raising interest rates, although analysts recall that the Fed’s objective is for inflation to drop to 2%, so it could continue raising rates.


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