The price of texas intermediate oil (WTI) opened this Thursday with a decrease of 0.74% and stood at 87.61 dollars a barrel after the decision of Wednesday, February 2, of the Organization of Petroleum Exporting Countries (OPEC) and its allies to slightly increase their oil supply, despite the fact that the rise in crude oil prices and geopolitical tensions may threaten supply.
On the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in March were down $0.65 from the previous close.
The reference oil lost value this morning despite the increase in production agreed by OPEC members and allies of 400,000 barrels per day for the month of March, as expected.
“Global crude markets are losing ground as doubts remain over OPEC+’s ability to maintain full capacity and the supply outlook remains tight,” said Rystad Energy analyst Louise Dickson.
While the Organization of the Petroleum Exporting Countries and its allies agreed in mid-week to a further increase in production, traders doubt that all members will be able to meet their quotas in full.
Crude is still headed for a seventh weekly gain, with banks including Goldman Sachs Group Inc. seeing oil near $100 a barrel. The rally has been supported by rising demand, low bookings and supply disruptions. High levels of backwardness on the futures curve continue to indicate a tight market.
With information from EFE and Bloomberg.
Source: Larepublica
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