Texas oil opens 1.33% higher to .97 a barrel

Texas oil opens 1.33% higher to $91.97 a barrel

The price of Texas Intermediate Oil (WTI) opened this Tuesday with a rise of 1.33% and stood at 91.97 dollars a barrel, thus coming back from last week’s downward trend and remaining above the barrier of 90 dollars that happened again yesterday.

At 0900 New York local time (1300 GMT), WTI futures contracts for September delivery were up $1.21 from the previous session’s close.

Oil prices continue to rise after falling sharply last week.

However, experts indicate that this rise could be reversed after the announcement that the Government of Iran will “study” the new European Union proposal to save the 2015 nuclear agreement, which would clear the way to boost its crude oil exports in a tight market.

“These issues must be studied deeply and we will give our final answer to the coordinator in Vienna,” the Iranian Foreign Ministry said in a statement on Tuesday.

The Foreign Ministry stressed that “relative progress has been achieved on some issues” in this round of negotiations, but did not consider the agreement closed.

The last round to reactivate the international agreement that in 2015 limited the Iranian nuclear program in exchange for the lifting of sanctions ended on Monday with a new text proposed by the European Union, coordinator of the negotiations.

The proposal must now be approved by the governments of the countries that are part of the agreement, such as Iran, Germany, France, the United Kingdom, Russia, China and the United States.

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