WTI oil opens lower, settling at $77.85 per barrel.

New data is expected this week from both the Agency and the Organization of the Petroleum Exporting Countries.

Ignacio Teson•Monday, March 11, 2024•1 min read

The price of West Texas Intermediate (WTI) crude oil opened this Monday with a 0.21% decrease, reaching $77.85 per barrel.

At 14:04 GMT on the early session, WTI futures contracts for delivery in April were down 16 cents compared to the previous session’s close.

Last week, Texas oil price lost a significant 2.4%, moving away again from the $80 mark, amid data from China indicating weak demand and comments from the International Energy Agency suggesting that the market will be well supplied this year.

New data is expected this week from both the Agency and the Organization of the Petroleum Exporting Countries, on Thursday and Tuesday respectively, which could influence the course of crude oil.

Geopolitical arguments seem to have lost weight in recent weeks, as the conflict in Gaza continues and it doesn’t appear that the month of Ramadan—which began yesterday or starts today, depending on the countries in the Muslim world—will bring the much-awaited truce.

In other news regarding oil, Saudi Aramco, the world’s largest oil company, recorded a net profit of $121.3 billion in 2023. This represents a 24.7% reduction compared to the record result reported a year earlier. Nonetheless, the figure still represents the second-highest annual profit for the company in its entire history.

In 2022, the record net profit of $161.000 billion was achieved due to the increase in crude oil prices resulting from the conflict in Ukraine and the higher demand for oil following the pandemic. However, this variable gradually diminished throughout the year.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.