Monday, December 11, 2023

Texas oil opens with a drop of 1.39% and a barrel stands at US$71.55

The price of a barrel of intermediate oil from Texas (WTI) it opened this Thursday with a drop of 1.39% and stood at US$71.55 a barrel.

At 09:01 local time (1301 GMT), WTI futures contracts for June delivery were losing $1.1 compared to the close of the previous day.

Yesterday the barrel of Texas closed lower after several days in a row of rises when the data from the inflation in the United States, which fell for the tenth consecutive month, and those of oil inventories in the country, which showed an unexpected increase.

It is likely that the weight factor today will be the inflation data in Chinathe world’s largest consumer: the consumer’s price index (CPI), the main indicator of inflation in China, once again slowed its advance by registering growth of 0.1% year-on-year in April. Already in March, this indicator had marked its lowest rate in a year by slowing down its rate of growth from 1% in February to 0.7%.

the analyst Tom Essayein his daily bulletin Sevens Report, however, points to internal factors that are marking the course of oil, and cites three elements: the one that qualifies as “debt ceiling drama”concerns about a banking sector that is not yet completely stable and the suspicion that the Fed is going to continue with its aggressive policies of raising interest rates “and thus crush demand”.

In any case, Essaye continues to maintain his forecast of prices around US$75 a barrel, fluctuating between US$67 on the downside and US$83 on a horizon of greater optimism for investors.


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