Texas Oil opens with a rise of 0.73%, up to $78.83 a barrel

The price of Petroleum Texas Intermediate (WTI) opened this Monday with a rise of 0.73%, to $78.83 per barrel, at the beginning of a week marked once again by geopolitics and the announcement of new energy market data.

At 9:01 a.m. local time (1:01 p.m. GMT) on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in June totaled 57 cents compared to the close of the previous session.

In the week ahead, monthly reports from OPEC and the International Energy Agency are expected, in addition to the retail consumer price index in the United States.

The prospect of an interest rate cut by the Federal Reserve – which could stimulate consumption and therefore demand for crude oil – is becoming increasingly distant, and even analysts are not clear that it will occur this year.

A report by ING analysts, cited by the Market Watch portal, points out that confusion over OPEC’s production cut policies is helping to keep prices without major increases, despite the initial objective that the cuts They would help upload them.

Specifically, they point to the statements on Saturday by the Iraqi Minister of Oil, Jabar Allouaibi, that his country would not make new cuts, only to retract his statement the next day.

On the geopolitical front, all eyes are on the foreseeable Israeli invasion of Rafah, which has not yet materialized – at least not on a large scale – which could considerably raise tensions and widen the gap between Israel and its main ally, the United States. .