New York, (EFE) – The price of Texas intermediate oil (WTI) opened this Monday with a slight increase of 0.05%, to 118.93 dollars a barrel, after the sharp rise last week in which the Crude oil price rose by around 3.5%.
At 0900 local time in New York (1300 GMT), WTI futures contracts for delivery in July were up 6 cents from the previous session’s close.
Black gold was almost flat this morning after rising last week, the sixth consecutive rise in price.
The price of oil appreciated last week despite the fact that on Thursday the Organization of the Petroleum Exporting Countries and its allies, known as OPEC +, agreed to increase production by 638,000 barrels per day in July and August, surpassing increases of 432,000 barrels. per day previously planned by the group.
A measure that tries to compensate for the veto imposed on Russian oil due to the invasion of Ukraine, which continues to be the main upward factor for crude oil.
The firm Sevens Report pointed out today that the decision of OPEC + and especially Saudi Arabia to increase production to combat prices “is positive and, at a minimum, will slow down (or limit) any additional increase in oil prices, provided that geopolitics does not get worse.
However, he considers that for prices to fall, either “a reduction in geopolitical risk (truce in Ukraine) or a drop in global economic activity” is needed.
