The Price of Texas Intermediate Oil (WTI) opened this Thursday with a drop of 0.88%, to 114.29 dollars a barrelafter yesterday’s sharp drop of 3% in reaction to an increase in US commercial crude oil reserves and the rise in interest rates announced by the Federal Reserve (Fed).
At 09:05 local time in New York (13:05 GMT), WTI futures contracts for delivery in July were down $1.02 from the close of the previous session.
The reference oil in the United States started the day shaky after the bump the day before, despite the fact that investors warn that the upward trend due to the imbalance between supply and demand remains the main concern.
The FED raised the interest rate by 0.75 5 and it is situated in a range between 1.5% and 1.75% after the third increase since March, with which the central bank tries to control runaway inflation on all due to the sharp rise in energy prices.
Also, yesterday the second consecutive weekly increase in crude oil inventories was known released by the US Energy Information Administration, raising concerns about demand appetite.
President Joe Biden asked yesterday in a letter to the refineries produce more and urged them to help reduce prices: "Companies must take immediate action to increase the supply of gasoline, diesel and other refined products"he wrote in the letter.
For its part, the International Energy Agency (IEA) yesterday also pressured OPEC and its allies to get more oil out of the market in the face of forecasts of a difficult balance next year between supply and demand that will accelerate its growth. .