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WTI Oil is showing decline, but is characterized by high volatility

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Oil prices changed code on Thursday after the US Treasury announced sanctions on a network of Iranian companies used to evade Iran’s veto power over the petrochemical industry.

Price oil Texas Intermediate (WTI) fell 1.29% this Friday to open at $ 116.07 a barrel. Rough ups and downs With imbalance between supply and demand Fear of a sharp slowdown in the economy Following rising interest rates by several central banks.

At 0900 local time in New York, WTI futures contracts delivered in July fell $ 1.52 from the closing price of the previous session.

US reference oil rose 2% after ending yesterday, fell 3% on Wednesday and started the day negative.

Black Gold in the US seems to be closing its negative calculations every week since last week, with prices surpassing the psychological barrier of $ 120 and closing at $ 120.67 a barrel last Friday.

Oil prices, which began to fall as they do today after the U.S. Treasury announced yesterday, have changed the signs. Sanctions on Iran’s network of companies and front companies in China and the United Arab Emirates (UAE) used to circumvent Iran’s denial of the petrochemical industry.

The Treasury has blocked all licensed companies and individuals’ assets in the United States and banned them from doing business under US law.

In the short term, WTI could fall to $ 110 a barrel, according to Seventh Reproto. “But in the long run, the outlook remains clearly bullish. Given the imbalance between supply and demand caused by sanctions on Russia’s invasion of Ukraine. ”

Source: Biobiochile

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