WTI oil opens with a 0.63% increase, reaching $81.14 per barrel.

The price of West Texas Intermediate (WTI) crude oil started the week with a 0.63% increase, rising to $81.14 per barrel.

Futures contracts for WTI for delivery in May were down by $0.51 compared to the previous session’s close.

Investors’ attention remains focused on geopolitics and global conflicts.

The strength of the dollar over the weekend influenced crude oil, as did the efforts of the United Nations to reach a ceasefire agreement between Israel and Hamas.

In summary, oil remains in an upward trend in 2024 with a solid support range between $78 and $79 per barrel, while the $83 per barrel level is the target for the bulls.

Meanwhile, also over the weekend, foreign oil companies operating in Iraq’s Kurdistan region are partly to blame for the delay in resuming crude oil exports after failing to submit contracts for review, stated the Iraqi Ministry of Oil.

The Iraq-Turkey Pipeline (ITP), which once handled around 0.5% of the world’s oil supply, has been paralyzed, stuck in a legal and financial limbo, since March 2023.

Flows were disrupted after the International Chamber of Commerce, based in Paris, ruled in a lengthy arbitration case that Ankara had violated provisions of a 1973 treaty by facilitating such exports without the consent of the Iraqi federal government.

Iraqi Prime Minister Mohammed Shia al-Sudani will meet with U.S. President Joe Biden in Washington on April 15 to discuss the future of the U.S.-led coalition in Iraq, as well as Iraqi financial reforms and the United States’ attempt to disentangle Iraq – an ally of both Washington and Tehran – from Iranian energy and gas.

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Ignacio Teson
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.
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