Tuesday, February 7, 2023

Texas oil fell 3.8% to close at $76.93 a barrel

EL NUEVO DIARIO, NEW YORK. Texas Intermediate oil (WTI) price fell as much as 3.8% to $76.93 a barrel on Monday as the latest data from the US services sector raised concerns among investors about the prospect that the Federal Reserve (Fed) will cut interest rates. Will continue its aggressive policy of accommodation.

At the end of trading on the New York Mercantile Exchange (Nymex), the WTI futures contract for January delivery fell $3.05 from the previous day’s close.

“The continued tightening by the Fed can only dampen oil demand,” Manish Raj, chief financial officer at Valendera Energy Partners, said in comments reported by Market Watch.

Today a veto on imports of Russian oil shipped to the European Union (EU) and a ban on the transport of Moscow crude sold to third countries for more than $60 a barrel came into effect, by the G7 powers. agreed solution.

With this sanction, the EU seeks to undermine one of the Kremlin’s main sources of income to finance its war in Ukraine.

According to EU sources, Russia’s state revenue from the oil business represents 37% of the budget.

The “Russian barrels” continue to flow with new Asian orders replacing European ones, Raj said.

Elsewhere, the natural gas futures contract for January fell nearly 70 cents to $5.57, and gasoline futures fell 7 cents to $2.20 a gallon for the same month.

Nation World News Desk
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