The price of Texas intermediate oil (WTI) began the week with a rise of 0.10%, thus surpassing the barrier of 80 dollars a barrel, after the OPEC+ agreed to extend voluntary production reductions until the second quarter.
At 9:00 a.m. local time (2:00 p.m. GMT), WTI futures contracts for delivery in April rose 0.08 dollars compared to the close of the previous session and stood at 80.05 dollars.
The oil market has been slowly gaining bullish momentum in recent weeks, with WTI futures gaining a solid 4.23% last week.
Some Arab countries that are members of OPEC+, such as Irak, United Arab Emirates y Saudi Arabiaannounced this Sunday that they are prolonging the voluntary reduction in oil production in the second quarter of this year, as they already announced Kazakhstan y Russia.
The objective of this coordinated action is to “strengthen the precautionary efforts of OPEC+ countries to support the stability and balance of crude oil markets,” while the members aim to progressively recover production depending on the market situation. EFE (I)
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