The price of Texas intermediate oil (WTI) opened this Tuesday with a rise of 0.95%, which allows it to once again overcome the barrier of 80 dollars per barrel by standing at 80.62, after a past week of constant increases .
At 9:10 a.m. New York local time (14:10 GMT), WTI futures contracts for February delivery were up $0.76 from the previous day’s close.
This rebound in Texas contrasts with the report that OPEC released on Tuesday, the first monthly report of the year on the situation in the market.
According to the report, doubts about how the demand for crude oil in China will evolve, due to the resurgence of cases of covid-19, and the belief that the market is well supplied explain the 10% depreciation suffered by the price of oil in December.
"Crude prices came under pressure from growing concerns about an economic slowdown that dampened market sentiment, compounded by uncertainty about demand recovery in China"analyzes the Organization of the Petroleum Exporting Countries (OPEC) in its report.
OPEC points out that another factor that explains this depreciation is that the markets seem to be well supplied, especially in America and Europe.
On the other hand, OPEC calculates that the world will consume some 101.8 million barrels of crude oil per day (mbd) this year, unchanged from its estimates last December, but under the warning that this demand is subject to related uncertainties. with geopolitical tensions and the evolution of the covid-19 pandemic.
This level of demand represents an increase of 2.2% compared to that of 2022, with China and India as the countries that will most pull this increase.