New York.– The price of intermediate oil from Texas (WTI) opened this Thursday with a rise of 1.20%, to 86.58 dollars a barrel, the second day of rise that thus breaks a downward streak of several days overshadowed by fears of a recession
As of 0900 New York local time (1300 GMT), WTI futures contracts for November delivery were up $1.03 from the previous close.
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Today’s rise occurs despite President Joe Biden’s order the day before to release 15 million barrels of oil from its strategic reserves to calm gasoline prices after the production cuts announced by OPEC +, less than a month of mid-term legislative elections.
In a speech yesterday at the White House, Biden pointed to Russia as the main culprit for the rise in gasoline prices due to the war in Ukraine and, although he acknowledged that prices have fallen in recent months, he considered that they are not falling enough, and today the markets seem to agree with him.
And it is that the announcement of Biden It does not seem enough to reverse the impact of the OPEC + decision, with Russia and Saudi Arabia in the lead, which last week announced a cut of two million barrels per day in world oil production, which caused a rise in the price average gasoline in the US
