New York. The price of Petroleum Texas Intermediate (WTI) opened this Wednesday with a rise of 0.65% and stood at 87.09 dollars a barrel, thus breaking the losing streak that has taken black gold below 90 dollars this week.
At 0900 New York local time (1300 GMT), WTI futures contracts for delivery in September added 56 cents from the close of the previous session.
Oil prices were affected this week by poor economic data from the main buyer of crude, China.
Fear of a global recession increased today after the United Kingdom announced that the consumer price index (CPI) stood at 10.1% in July, compared to 9.4% the previous month, so it is at the highest level in more than 40 years.
Read more: Texas oil opens 0.20% higher to $103 a barrel
On the oil supply front, the market is awaiting developments in talks to revive Iran’s 2015 nuclear deal with world powers, which could eventually lead to a boost in Iranian oil exports if come to an agreement.
“Based on the negotiating history of the last 18 months, it remains unlikely that a deal will be reached,” analyst Tom Essaye noted in a report by Sevens Report.
The expert also indicates that he expects WTI to “bottom out in the area of 80 dollars per barrel.”
