The price of Petroleum Texas Intermediate (WTI) opened this Friday with a rise of 0.35 percent, to 117.28 dollars a barrel, when 100 days have passed since the Russian invasion of Ukraine and geopolitical tensions continue.
At 09:05 local time in New York (13:05 GMT), the futures contracts of the WTI for delivery in July they gained 41 cents with respect to the closing of the previous session.
The market has welcomed China’s easing of lockdowns in Shanghai over the week, which is positive for crude demand.
On the other hand, the Organization of Exporting Countries of Petroleum and its allies, known as OPEC+, agreed on Thursday to increase production by 638,000 barrels per day in July and August, surpassing increases of 432,000 barrels per day previously forecast by the group.
With these increases, the organization returns to the market the almost 10 million barrels per day that its members cut in April 2020 in response to the collapse of consumption due to the restrictions caused by covid-19.
Yesterday’s decision came after the fall in Russian output due to Western sanctions for the invasion of Ukraine, and calls from consumer countries to increase OPEC + production and thus curb high energy costs.
Russia, which is the second largest exporter of black gold in the world behind Saudi Arabia, warned yesterday that the new sanctions adopted by the EU against Moscow, which include a partial embargo on Petroleum Russian, will have a “self-destructive effect” on the Twenty-Seven.
