Il petrolio torna a correre. WTI sopra 85 dollari al barile

Oil prices are soaring: after closing at the bottom for two consecutive weeks, on Friday, September 1, and over the following weekend, oil began to rise in price again.
In New York, the final session of the week closed at $85.55 per barrel of WTI (West Texas Intermediate – ed.), which is 2.30% higher than in the previous session. The exchange week from August 28 to September 1 ended with a price increase of 7.17% compared to the close of the previous week. Reference oil of the Brent grade also rose by 1.98% and ended the week at $88.55 per barrel.
Therefore, traders finally managed to break through the strong re-sistance zone set at $82.81 per barrel, which has repeatedly held back price growth. The prices for “black gold” haven’t reached this kind of level since November 2022.
The race was fueled by expectations that major OPEC+ members would actually decide to extend their summer cuts on production and export into the autumn months as well.
In August, Russia cut oil exports by 500,000 barrels a day. Russian Deputy Prime Minister Alexander Novak, who oversees the energy sector, said on August 31 that Russia had generally agreed with other OPEC+ members to further cut crude oil exports. “The exact figures will be announced next week (September 4-10 – ed.),” Novak said. According to him, “Russia produces about 9.5 million barrels per day, while the market situation remains stable.” According to Russian analysts, in September Moscow will be able to reduce exports by 300,000 barrels compared to the average volumes in May-June. Saudi Arabia is also expected to extend a one-million-barrel-per-day supply cut to world markets for another month.
According to the portal Proiezionidiborsa.it, “Since March 2023, there has not been such a significant weekly increase. Moreover, since November 2022, we have not seen a weekly close at such a high level. Thus, the scenario, according to which quotes are ap-proaching $100 per barrel, is also confirmed on this time interval. Only a weekly close below $83.29 could challenge the uptrend and reverse the downtrend.”