The price of the barrel of Texas intermediate oil (WTI) opened up 1.11% to US$82.15 a barrel, after breaking its bullish streak last week.
At 09:01 local time, the futures contracts of the WTI for delivery in September gained US$0.90 with respect to the close of the previous day.
Last Friday, the reference crude broke a seven-week bullish streak, dropping 2.78% in its weekly computation.
“He WTI failed to achieve another consecutive week of gains last week, as futures fell sharply from a new 2023 high set the previous week”, Tom Essaye highlights this Monday in his analysis of The Sevens Report.
The reason for last week’s drop is linked to worse-than-expected economic data in Chinathe world’s largest oil importer and second largest oil consumer on the planet.
Another factor that negatively affected the value of black gold is the concern on the part of investors that the US Federal Reserve raise interest rates even higher in its fight against inflation.