Thursday, June 1, 2023

Texas oil opens with a rise of 0.46% and a barrel stands at US $ 70.36

The price of the barrel of Petroleum Texas Intermediate (WTI) opened this Monday with a rise in 0.46% and stood in the $70.36 the barrel.

At 09:00 local time (13:00 GMT), the contracts WTI futures for June delivery gained US$0.32 compared to the previous day’s close.

Last week, the price of raw The benchmark in the United States dropped 1.72% and was on the brink of losing again the psychological level of US$70.

The analysts consider that the range between US$67 and US$83 can be considered normal in the short term, with no reason for alarmism, but the truth is that the Texas barrel It has been much closer to the bottom of the fork for several weeks now.

The price of black gold has been affected by a whole series of factors, including an unexpected increase in US oil reserves, a dollar a rise with respect to other currencies -which makes the product for many buyers – and the shadow of a possible suspension of payments in the United States due to the refusal of Republican legislators to approve a rise in the debt ceiling.

Some data have also been noted employment worse than expected in the United States and some bad figures for the Chinese economy, which make investors fear about the future of the energy demandespecially if, as is feared, interest rate rises end up causing a recession.

Today the new ones were known forecasts growth rates for the Eurozone, which are now at 1.1% for 2023 and 1.6% for 2024, in both cases better than expected, which could also influence a rising price of oil.


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