New York, 27 Jan. The price of Texas intermediate oil (WTI) opened this Friday with a rise of 1.62%, to $ 82.32 a barrel, when optimism for a “quick and smooth” reopening of China, the world’s main importer of oil , still present.
At 9:04 a.m. local time (14:04 GMT), WTI futures contracts for March delivery were up $1.31 compared to the previous day’s close.
Tom Essaye, writing in today’s The Sevens Report, notes that “hopes for a swift and smooth reopening process in China continue to act as a tailwind for the broader oil and energy markets.”
Essaye also notes that “solid gains” were seen following the release of gross domestic product data on Thursday, which showed production cooled less than expected in the fourth quarter of 2022, and posted an annual rate of 2. 9%.
Now all eyes are on the next move from the US Federal Reserve, which is due to meet next week and experts say will ease its interest rate hikes further, likely to a quarter point. percentage.
