The price of Texas intermediate oil (WTI) It opened this Monday with a drop of 0.62%, to $83.33 a barrel, thus breaking last week’s rise.
At 9:00 a.m. local time (1:00 p.m. GMT), WTI futures contracts for delivery in June were down $0.52 compared to the close of the previous session.
Last Friday, crude oil ended the week with a gain of 1.89%.
“Without the underlying geopolitical concerns, WTI would likely be in the low to mid-$70s per barrel range at best as consumer demand for gasoline has been falling in recent weeks.”indicates Tom Essaye today in his report The Sevens Report.
Furthermore – he continues – “the economic data offer a whiff of stagflation (weak GDP, high PCE) and OPEC+ has not made changes to its production policy,” he emphasizes.
Investors’ eyes this week are on the Federal Reserve’s upcoming interest rate decision due on Wednesday.
Inflation data USA They further dimmed prospects for near-term interest rate cuts and boosted the dollar, hurting oil demand. EFE (I)
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