NEW YORK – The Texas Oil Price (WTI) closed this Tuesday with a 10.26% drop, to $ 20.11 a barrel, due to the perception that the historic cut in world production of crude sealed by OPEC and its partners will not be enough to alleviate the low demand and excess supply caused by the COVID-19 pandemic.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for May delivery subtracted $ 2.30 from the previous session on Monday.
Oil prices have retreated much more sharply than yesterday, when the Texan barrel closed with a 1.5% drop, and investors are beginning to rule out the possibility that the cut by the Organization of Petroleum Exporting Countries (OPEC ) and the end of the price war between Russia and Saudi Arabia will restore balance to energy markets.
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