Friday, February 3, 2023

Oil is struggling to return to $80 a barrel; China calls for more optimism


written in ethos

price of oil struggle to return to $80 a barrel, after a sharp decline last week. This Monday, at the conclusion of the session, the petroleum It had a loss of about $2 per barrel, although it later recovered somewhat.

A large portion of these declines comes from pessimism about China’s economybuyers and importers of petroleum Largest in the world. Asian countries still severely affected COVID-19.

Few prospects for economic recovery, even after easing of its measures mobilitynegatively affects price of oil, However, Beijing has asked for patience and assured that it will support its economy and its reopening oil demand Likely in 2023.

First, brent oil With a gain of 0.8%, it closed at $ 479.69 per barrel.whereas WTI With a gain of 1.1%, it closed at $ 75.14 per barrel., for his part, mexican oil blend It closed at $63.86 per barrel, down about 3%.

Finally, part of the support oil prices This was given by the United States Department of Energy after it announced it would begin buying back barrels of its strategic reserve. This will be the first buyback program since 180 million barrels were released a few months ago. gasoline prices,

How does this affect the price of gasoline?

loss gasoline prices In the United States, they have reached their lowest level since September 2021. The neighboring country’s national average is located at $3.14 per gallon and in the state of Georgia it is priced at $2.78 per gallon.

it is expected that prices The decline will continue for the remainder of the holiday season and into early 2023.

in mexico loss gasoline prices They remain practically unchanged, with gains of only a few cents.

gasoline price today It is $21.65 pesos per liter magna; $23.77 per liter premium and $23.56 per liter diesel.

What about the behavior of the dollar?

Dollar It fell slightly on this Monday in relation to the main basket of currencies. Notably, it fell 0.2%, reversing some gains from last week, when the Fed announced its new interest rate hike.

Its last closing on the stock exchange (DXY) was 104,333 and exchange rate It is standing today at $19.32 to buy, $20.09 to sell.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news