New York.– The price of Texas Oil Intermediate (WTI) It opened this Friday with a rise of 2.83%, to 98.5 dollars a barrel, although it is heading to close a week with losses after last Friday its price stood at 104.79 at the end of operations.
At 09:00 New York local time (13:00 GMT), WTI futures contracts for delivery in August added 2.72 dollars from the close of the previous session.
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The opening rebound comes after a week in which the benchmark oil price in the United States fell back below the psychological barrier of $100 following the dovish report on demand from the International Energy Agency. (IEA) and knowing that June inflation in the United States shot up to 9.1%.
“Faltering demand concerns are starting to outweigh supply concerns related to the Russia-Ukraine war and that has been putting pressure on energy futures markets this week,” The Sevens Report firm noted in a note to its clients.
The IEA assured on Wednesday that in 2022 an average of 99.2 million barrels per day will be consumed, which represents an increase of 1.8% compared to 2021 and one tenth less than what the agency had anticipated in June.
Analysts justify this correction by the latest data showing that consumption is being lower than expected in the three large OECD regions (Europe, North America and Asia-Pacific) and they believe that high prices are having an impact.
Likewise, the inflation data, which once again set a record not seen since 1981, also triggered fears that the Federal Reserve (Fed), which has been raising interest rates since last March, will continue with the same policy.
