The Texas intermediate oil price (WTI) opened this Tuesday with a rise of 2.09%, to 74.7 dollars a barrel, due to the relaxation of the restrictive measures against the covid in China and the threats to a lower production of Russian oil due to the maximum price imposed by the G7.
At 9:00 a.m. New York local time (14:00 GMT), WTI futures contracts for January delivery were up $1.53 from the previous day’s close.
For the analyst of the firm Oanda Craig Erlam, “there are many factors of support for the price (of crude oil), even in what appears to be an environment tilted toward oversupply.”
Read: Tuesday 13: How are the dollar and the euro in DR banks?
In addition, this morning the interannual rate of inflation in USA November, which with 7.1% continues to drop.
This data encourages the markets, as investors expect the Federal Reserve (fed) of the United States begins to relax its interest rate hikes, with which the Fed is precisely trying to reduce inflation.
Analysts expect the Fed to reduce the pace of interest rate hikes, which are between 3.75% and 4%, and announce a 0.5% rise instead of 0.75%, as it has said. after each meeting since last March with the aim of “cooling off” the economy to reduce inflation.
The investors they fear that if the Reserve continues with an aggressive interest rate policy, the economy will enter a recession that could reduce the demand for fuels.
