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)
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