New York. The price of Petroleum Texas Intermediate (WTI) opened this Wednesday with a rise of 1.58%, to 113.53 dollars a barrel, continuing the upward streak of recent days due to the continuous tensions between supply and demand, which are eclipsing the fears of a possible recession.
At 9:01 a.m. local time in New York (1:01 p.m. GMT), WTI futures contracts for delivery in August added $1.77 from the close of the previous session.
Investors continue to bet on oil after the new relaxation of the restrictions promoted by the Chinese authorities in the face of covid, after the infections subsided, which is interpreted as a future boost in demand.
An impulse that affects the precarious balance between demand and supply caused by the war in Ukraine and the policy of the OPEC countries, which meet today and tomorrow, to progressively increase their crude oil production.
Read more: Texas oil opens 1.57% higher to $111.3
The political tensions that have forced the blocking of wells in Libya and that in Ecuador have led to the reduction of production are also factors that are adding to boost the price of black gold.
Yesterday, in addition, the American Petroleum Institute (API, for its acronym in English) announced that oil inventories in the United States fell by 3.8 million barrels last week.
Today, the Department for Energy Information is expected to offer the official data.
The concern that inflation is not going to subside, at least in some parts of Europe, after it became known that in Spain it shot up to 10.2% in June, compared to 8.7% in May, does not seem to is affecting, at least for now, the mood of investors.