New York, April 29 (EFECOM).- The price of Texas intermediate oil (WTI) opened this Monday with a drop of 0.62%, to $83.33 per barrel, thus breaking last week’s rise.
At 09:00 local time (13:00 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 latent geopolitical concerns, WTI would likely be in the low to mid-$70 per barrel range, at best, as consumer demand for gasoline has been falling in recent weeks,” he said today. Tom Essaye 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 underlines.
Investors will be keeping an eye on the Federal Reserve’s upcoming interest rate decision this week, due out on Wednesday.
US inflation data further dimmed prospects for near-term interest rate cuts and boosted the dollar, hurting oil demand. EFECOM
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