WTI Oil recovers price above US$70 |  The EC Republic

WTI Oil recovers price above US$70 | The EC Republic

Russian oil.

The price of a barrel of intermediate oil from Texas (WTI) opened this Friday with a significant rise of 2.21%, and stood at $71.65 a barrel, after the United States Congress and Senate approved the law to raise the debt ceiling and thus prevent the country from going into suspension of payments.

At 0900 local time (1300 GMT), WTI futures contracts for July delivery were up $1.55 from the previous day’s close.

The US reference oil price started today encouraged by the vote held yesterday by the United States Senate, which approved the new law with 63 votes in favor and 36 against, overcoming the last hurdle before it is signed by President Joe Biden.

The approval of the law puts an end to several days of uncertainty that have weighed on the price of oil, which two days ago fell below the 70 dollar barrier.

Investors are now watching this weekend’s meeting of the oil-producing countries and their OPEC+ allies after Saudi Arabia suggested further production cuts while Russia ruled it out.

“Although there have been comments suggesting that the alliance is not likely to cut production this weekend, it is difficult to ignore the warnings from the Saudi Energy Minister,” said Oanda analyst Craig Erlam today, for whom this uncertainty it is also behind today’s rise in black gold prices. EFE

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