Friday, February 3, 2023

Texas oil fell 0.8% to close at $71.46 a barrel

New York, 8 December. The price of Texas Intermediate oil (WTI) fell 0.8% this Thursday to settle at $71.46 a barrel, continuing a trend that has seen it hit its lowest level in years amid fears of a possible economic recession.

At the end of trading on the New York Mercantile Exchange (Nymex), the WTI futures contract for January delivery shed 55 cents from the previous day’s close.

This is the fifth day in a row that crude oil prices have declined after falling 1.5% on Friday, and three days in a row, falling 3.8% on Monday, 3.5% on Tuesday and 3.02% yesterday.

The latest economic data released this week showed that the US economy is stronger than expected.

Investors interpret these positive data as an option for the US Federal Reserve (Fed) to raise interest rates to higher than expected levels and keep them longer.

Economic concerns continue for crude coming from China – the main oil importer – which could reduce the intensity of its strict anti-Covid measures, thus easing lockdowns and causing the country to reactivate its demand.

Yesterday, the Chinese executive announced it would allow asymptomatic or infected people with mild symptoms to isolate themselves in their homes – until now transfer to a quarantine center was mandatory – and indicated it is no longer necessary to have a negative Covid test Will enter most places and establishments except hospitals or schools.

Also on Thursday, Canada’s TC Energy said it had shut its Keystone pipeline, the line carrying Canadian crude to the US and Gulf Coast, after a spill in Kansas Stream.

Meanwhile, January natural gas futures rose 23 cents to $5.96 and January gasoline futures fell 2 cents to $2.04 a gallon.

Nation World News Desk
Nation World News Desk
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