Texas oil opens 1.6% higher to $95.94

The price of Texas Intermediate Oil (WTI) opened this wednesday with a rise of 1.6%until the $95.94 a barrel, after the OPEC+ alliance agreed today to add 100,000 barrels of crude oil per day to its current oil supply next month.

At 09:00 New York local time (13:00 GMT), WTI futures contracts for delivery in September were up $1.52 from the close of the previous session.

The decision of this increase by the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, responds only symbolically to pressure from the US and the EU to lower energy prices, with the argument that the capacity of produce more oil is limited.

Read more: Did rate hikes come to an end in the country?

“The very limited availability” of the capacity to pump more crude in a short period of time “requires that it be used with great caution,” OPEC+ stressed today in a statement published at the end of its monthly teleconference on the OPEC website. Petroleum Exporting Countries (OPEC).

The president of United States, Joe Biden, he went to Saudi Arabia last month in the hope of reaching an agreement to open the taps to higher capacity. At their June meeting, the OPEC+ ministers had agreed to a gradual monthly increase in production until August, leaving it up in the air how to continue after the summer.



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