Friday, December 8, 2023

Texas oil opens down 1.49% to US$81.95 a barrel

The price of the barrel of Texas intermediate oil (WTI) started the week down 1.49%, to $81.95 the barrel, after having reached seven consecutive weeks on the rise last Friday.

At 09:00 local time, the futures contracts of the WTI for delivery in September lost US$1.24 with respect to the close of the previous day.

Investors now have their eyes on the economy of China -the second largest oil consumer in the world-, which last week announced weak economic data.

as well as in the high dollar valueas a stronger dollar pressures demand for black gold by making the commodity more expensive for buyers holding other currencies.

For his part, in the analysis of The Sevens Report, Tom Essaye, points out this Monday that, looking to the future, it is likely that the oil rally of the last few weeks continues.


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