Texas oil opens 1.73% lower to .20

Texas oil opens 1.73% lower to $89.20

The price of Texas Intermediate Oil (WTI) opened this Monday with a drop of 1.73% and stood at 89.20 dollars a barrel, due to fears of a global recession and the possibility that Iran will increase its gold exports. black.

As of 0901 New York local time (1301 GMT), WTI futures for September delivery, due Monday, were down $1.57 from the previous session’s close.

The Iranian government said on Monday that it awaits a response from the United States to its reply to the proposal of the European Union (EU) to save the 2015 nuclear pact, which limited the Iranian nuclear program in exchange for the lifting of sanctions.

The signing of the pact would allow Iran to sell oil on international markets, recover frozen assets in other countries and maintain normal economic relations with other nations.

Last Friday, WTI rose for the third consecutive day, however, it lost around 1.5% over the past week due to fears of a possible global recession, a stronger dollar and concerns about demand.

Investors will pay close attention this week to comments from US Federal Reserve (Fed) Chairman Jerome Powell when he speaks at an annual global central banking conference in Jackson Hole, Wyoming, on Friday.

Analyst Tom Essaye, in a report by the firm Sevens Report, points out that he expects WTI to be between 85 and 95 dollars a barrel “as supply and demand are revalued.”

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