The price of Petroleum Texas Intermediate (WTI) opened this Wednesday with a rise of 1.6% and stood at 102.19 dollars a barrel.
At 9:05 a.m. local time in New York (1:00 p.m. GMT), futures contracts on the WTI for delivery in May rose 1.59 dollars with respect to the closing of the previous day.
The benchmark crude oil in the US moderated its rise this morning after soaring more than 6% yesterday and returning to a price above 100 dollars.
According to some analysts, the market is reacting to worse than expected economic data coming from China, one of the main consumers of crude oil.
Trade between China and the rest of the world slowed its year-on-year growth rate in March to 5.8% due to the contraction in imports, its government reported.
On the other hand, this Wednesday the International Energy Agency (IEA) revised downwards its forecasts for global demand for crude oil, as the group of the OPEC.
The expert Jeffrey Halley, from the firm Oanda, pointed out that the apparent “deadlock” in the peace negotiations between Russia and Ukraine is also adding pessimism to the market.
