The barrel of Texas crude opens with a fall of 3.8%, up to $ 94.45

By: Dr. Franyi Sarmiento, Ph.D., Inspenet, April 11, 2022

The price of Texas intermediate oil (WTI) opened this Monday with a fall of 3.8%, up to $94.45 a barrel, affected by the release of strategic crude oil reserves by the United States and other countries to curb its increase.

At 9:05 a.m. New York local time (1:00 p.m. GMT), WTI futures contracts for May delivery were down $3.81 from the previous day’s close.

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The benchmark crude oil in the US It continued to fall due to the commitment announced last week by the countries of the International Energy Agency (IEA) to release some 120 million barrels of their strategic reserves in the next six months, half of that of the United States.

This contribution of barrels to the market “should ease the tension in the coming months, reducing the need for prices to rise due to the destruction of demand in the short term,” analyst Giovanni Staunovo, from UBS, told CNBC channel.

Investors are still pending the restrictions to control the outbreak of coronavirus in China, which keep the populous metropolis of Shanghai in confinement, although the authorities announced that they will relax the measures in some areas starting this Monday.

As a backdrop, the war in Ukraine and the economic sanctions of Western countries against Russia continue to influence the international price of oil, while the European Union continues to study the possibility of banning imports of Russian crude.

Source HolaNews / EFE : https://holanews.com/el-barril-de-crudo-de-texas-abre-con-una-caida-del-38-hasta-9445-dolares-2/