Saturday, February 4, 2023

Texas oil climbed 2.4% to close at $80.26 a barrel

New York, 30 December. The price of Texas Intermediate oil (WTI) rose 2.4% this Friday and closed at $80.26 a barrel, marking a rebound in the last session of 2022, with which it seals an annual accumulated revaluation of 6.5%.

At the end of trading in New York, the WTI futures contract for February delivery added $1.86 compared to the previous day’s close.

Benchmark crude oil in the US adds to two consecutive years of growth, although the latter looks to moderate due to large volatility, while a 55% surge in 2021 was projected to coincide with an economic recovery after the pandemic halted.

The year ending has been marked by the Russian invasion of Ukraine, reaching nearly $130 a barrel at its all-time high, and by subsequent sanctions by Western powers against Russia.

On the downside, a strengthening dollar along with an interest rate hike by the Federal Reserve in the second half of the year and recession fears put pressure on crude oil prices.

Similarly, the COVID-19 situation in China, the world’s leading importer of crude oil, and its economic weakness on global energy demand have been in the limelight.

According to experts, next year is going to bring more ups and downs.

Oanda analyst Craig Erlam said, “While producers seem to have caught up with post-pandemic demand, other risks remain for next year, notably Russian production with the new price cap and the threat of production cuts and this Not supplied to implementing countries.” note.

Elsewhere, February natural gas futures contracts were down $0.8 to $4.47, and gasoline futures due for the same month rose $0.9 to $2.46 a gallon.

Nation World News Desk
Nation World News Desk
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