New York.- The price of West Texas Intermediate (WTI) rose this Tuesday by 3.43%, to 59.09 dollars a barrel, driven by geopolitical tensions in the Middle East, which overshadowed the announced production increase by OPEC+.
At the close on the New York Mercantile Exchange, WTI futures contracts for June delivery added $1.96 compared to the previous day.
Yesterday, the price of crude oil had fallen by 2%, weighed down by the announcement on Saturday by the Organization of the Petroleum Exporting Countries and allies (OPEC+) to increase its supply by 411,000 barrels per day for June, for the second consecutive month.
However, at the end of today’s session, the effects derived from the tension in Yemen gained strength, where Israeli fighter jets launched several bombings against Sana’a International Airport and other points in the capital.
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Israeli attacks took place just an hour after its army ordered the evacuation of the target area of an attack presented as retaliation for the launch of a missile by Houthi rebels on Tel Aviv.
Operators are also focused on the trade war unleashed by U.S. tariffs: President Donald Trump declared yesterday that he will announce tariffs on pharmaceutical products “in the next two weeks” after signing an executive order to promote the production of this type of goods in the country.
In addition, today the Republican leader acknowledged that his Administration has not yet held a meeting with China on tariffs, despite having said the opposite in recent weeks, and stated that the meetings will take place “at the right time“.
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Trump’s tariff policy has unleashed fears among investors of a possible recession, which would slow down the demand for oil at the same time that OPEC+ is rapidly increasing supply.
The U.S. trade deficit rose 14% to $140.5 billion in March, a monthly record higher than that marked in January, which occurred in response to the tariff war, according to a report released this Tuesday by the Bureau of Economic Analysis (BEA).
