The price of Texas intermediate oil (WTI) It opened this Wednesday with a drop of 0.76%, to $81 a barrel, thus continuing Tuesday’s trend.
At 9:00 a.m. local time (2:00 p.m. GMT), WTI futures contracts for delivery in May were down $0.62 from the close of the previous session.
The crude oil reserves of USA increased by 9.3 million barrels during the week ending March 22, the American Petroleum Institute reported.
Today investors’ eyes will be on the Department of Energy’s US inventory numbers.
According to Tom Essaye in his report The Sevens Reportcrude oil’s worse performance yesterday, in part, was due to several officials from member countries of the OPEC+ alliance, led by Riyadh and Moscow, saying there were no plans to change the policy of production cuts between now and the summer.
“Thus leaving the threat of another collective production cut at the bottom of next week’s meeting”, Essaye points out. EFE (I)
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