New York.- The price of Texas intermediate oil (WTI) opened this Tuesday with a drop of 0.91%, to 84.68 dollars a barrel, continuing the downward streak that started last week due to concerns about demand.
As of 0905 New York local time (1305 GMT), WTI futures contracts for November delivery were down 78 cents from the previous close.
The price of the US reference barrel is being affected by fears of a recession in the United States due to the Federal Reserve’s (Fed) policy of raising interest rates to reverse inflation.
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This recent drop follows a sharp rise fueled by the decision of the cOPEC+ oil artel, led by Russia and Saudi Arabia, to reduce its pumping by two million barrels per day, with the intention of increasing the price of black gold.
A decision that has also been a setback for the president of USA, Joe Biden, less than a month before the mid-term elections in which his party, the Democrats, is playing for control of Congress.
In this sense, several reports suggest that the United States is studying the release of more strategic crude oil reserves to force a greater reduction in its price in the face of these elections.
This week, China is also expected to publish new data on its economy, which will give investors new clues as to what its demand for crude oil could be this winter and next year.
