Texas oil opens with a 4.85% rise due to possible cuts in the Persian Gulf

The Texas Intermediate Oil Price (WTI) opened this Friday with a rise of 4.85%, to $ 17.30 a barrel, after closing the session on Thursday with another 19.7% rebound, in a marked opening by the announcement of possible cuts in some producing countries of the Persian Gulf, such as Kuwait.

At 9.15 New York local time (13.15 GMT), future WTI contracts for June delivery totaled $ 0.80 from the previous session on Thursday.

Black gold prices rose again in a market in which uncertainty continues due to the lack of storage capacity around the world and the excess supply and low demand due to the COVID-19 crisis.

Analysts predict that, if production continues at similar levels, the storage capacity will be null between the first and the last week of May if similar demand levels continue.

Although China's gradual recovery gives investors some optimism, markets are expecting a "surge" of closures in some wells, especially in the United States, so that a certain balance can be restored to the energy market.

Once the negative effects on the economy caused by the virus begin to fade, experts predict crude oil a "long road" that could take years to return to levels prior to this crisis.

Likewise, the markets continue to have an eye on the foreign policy of the President of the United States, Donald Trump, who during this week has re-stressed relations with Iran, something that analysts have interpreted as a geopolitical move in a key area for the supply of crude oil and which in recent days has helped push prices.


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