WTI oil opens with a decrease of 0.11%, reaching $82.63 per barrel.

The price of West Texas Intermediate (WTI) crude oil opened with a decrease of 0.11%, reaching $82.63 per barrel, following yesterday’s strong surge.

WTI futures contracts for delivery in April were down $0.09 from the previous session’s close. Yesterday, Texas oil rose by 2.07% and reached its highest price in four months.

Crude has been bolstered by lower crude exports from Saudi Arabia and Iraq, as well as signs of stronger demand and economic growth in China and the United States, according to experts.

The major threats to the oil rally in the long term are the Federal Reserve’s restrictive policy and concerns about a recession.

Meanwhile, natural gas futures rose during the European session on Tuesday.

At the New York Mercantile Exchange, natural gas futures for April were trading at $1.72 per million British thermal units. As of this report, they are up by 1.17%.

It early reached a session high of $1.74 per million British thermal units. Natural gas is likely to find support at $1.643 and resistance at $1.774.

The Dollar Index Futures, which tracks the dollar’s trend against the group of the other six major currencies, increased by 0.39% to trade at $103.64.

In other news, Mexican President Andrés Manuel López Obrador commemorated the anniversary of the ‘Oil Expropriation’ on with a staunch defense of oil as the engine of “progress for nations”, while also warning against the risks of a rushed energy transition.

“In Mexico and around the world, oil has always aroused greed, generated oppression, violence, and subjugation, but it has also meant progress, justice, patriotism, and welfare for nations,” he emphasized in his speech at an event at the Pemex Tower, the main headquarters of Petróleos Mexicanos (Pemex) in the Mexican capital.