wti

The price of Texas intermediate oil (WTI) It opened this Tuesday with a drop of 0.85%, to $78.07 a barrel, thus continuing Monday’s trend.

At 9:03 local time (14:03 GMT), WTI futures contracts for delivery in April were down $0.67 compared to the close of the previous session.

The oil market has been slowly gaining bullish momentum in recent weeks and WTI futures gained a solid 4.23% last week, but yesterday crude oil broke that trend and dropped 1.54%.

Over the weekend, some countries in the OPEC+ alliance, led by Saudi Arabia y Russiaas Irak y United Arab Emiratesannounced that they are prolonging the voluntary reduction in oil production in the second quarter of this year, as Kazakhstan and Russia have already announced.

“This was disappointing compared to some more bullish expectations that the oil producers group could announce a longer extension of the production cap, such as until the end of 2024.”says Tom Essaye today in his report The Sevens Report

Regarding the demand, China -the largest crude oil importer in the world- today set the growth target for its gross domestic product (GDP) for the current year at “around 5%”, revealed the country’s prime minister, Li Qiangduring the inauguration of the annual session of the National Assembly Popular. EFE (I)

The price of Texas intermediate oil (WTI) It opened this Friday with a drop of 1.53%, at $77.41 per barrel.

At 9:05 local time (14:05 GMT), WTI futures contracts for delivery in April fell $1.20 compared to the close of the previous session.

The US benchmark crude oil seems headed for a reduction in value in the week, marked by uncertainty about the path of interest rates.

In the minutes of the last meeting of the Federal ReserveAt the end of January, the central bank reiterated that it does not plan to lower rates until it is certain that inflation is close to the 2% target.

In fact, many analysts have already delayed expectations of this rate cut to June, which will contribute to the slowdown of the economy and, therefore, limit energy demand.

Apart from that, last week there was an increase of 3.5 million barrels in commercial reserves of USAas reported by the Energy Information Administration.

In the background of the session, geopolitical tensions remain in middle East and on Thursday new hostilities were reported in the Red Sea, key route to the market. EFE (I)