Whereas, the WTI futures contracts for October delivery add 2.9% to $95.75.
The US reference crude price started the week on the rise, extending the upward momentum that began last week, after Saudi Arabia revealed its intentions to cut OPEC production to encourage a rise in the price of black gold. Last week, the price of WTI appreciated by 3%.
Some statements that coincided with the possibility of closing a new nuclear agreement between the great Western powers with Tehran, which would allow Iranian crude oil to be pumped normally to all destinations.
However, for the analysis firm Sevens Report “The events of the past week did not mark a materially bullish shift in the fundamental backdrop for oil and refined products, but did result in reduced near-term downside price risks, as OPEC+ has effectively said that it will act to stabilize prices if the recent market weakness continues.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
