NNew York. The price of Texas intermediate oil (WTI) opened this Friday with a drop of 1.29%, to $116.07 on barrel, to face the end of a volatile week of huge ups and downs both due to the imbalance between supply and demand and fear of a sharp slowdown in the economy after the rise in interest rates by various central banks.
At 09:00 local time in New York (13:00 GMT), WTI futures contracts for delivery in July were down $1.52 from the close of the previous session.
The reference oil in the United States started the day in negative after closing yesterday with a rise of 2% and Wednesday with a fall of 3%.
The US black gold seems to be heading to close a negative weekly calculation after last week, the price surpassed the psychological barrier of the 120 dollars and last Friday it will close at 120.67 dollars a barrel.
Yesterday, the price of oil, which like today began to fall, changed sign after the US Treasury Department announced sanctions against a network of Iranian companies as well as front companies located in China and the United Arab Emirates (UAE)used to circumvent the trade veto against the Iranian petrochemical industry.
The Treasury blocked all properties in the United States of the sanctioned companies and individuals, and prohibited them from doing business under US law.
According to the firm Sevens Reprot, in the short term WTI could drop to around 110 dollars a barrel “but in the long term, the outlook remains clearly bullish given the imbalance between supply and demand caused by the sanctions on Russia” for his invasion of the Ukraine.
