The price of a barrel of Texas intermediate oil (WTI) started the week down 0.59% to US$82.3 a barrel, after reaching a rise last week not seen since April.
At 09:01 local time, the futures contracts of the WTI for delivery in September remained US$0.59 with respect to the closing of the previous day.
Last week, Saudi Arabia announced that it will extend its voluntary cut in one million barrels of oil per day (bpd) until September, a reduction that could be extended in the future and even “increase” the amount cut.
For his part, Russia it has also chosen to cut its oil exports by 300,000 bpd next month.
Looking to the future, according to Tom Essaye In his The Sevens Report, benchmark crude “is testing key price resistance for 2023, but has not yet broken out for good.”
“Until we reach new highs, the outlook for oil will remain neutral as investors continue to weigh the bullish and tight momentum in the physical market at the moment against lingering recession concerns,” Essaye stresses.