Saturday, February 4, 2023

Texas oil opened at a high of $78.34

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Photo: EE File

Texas Intermediate Oil (WTI) price opened higher by 1.42% to $78.34 per barrel on this Tuesday, with focus on the next OPEC+ meeting and hopes that the Chinese authorities will show zero tolerance towards COVID-19. Will relax the policy. ,

At 9:00 a.m. New York local time (14:00 GMT), WTI futures contracts for January delivery were up $1.10 from the previous day’s close.

US benchmark oil started the day lower on Monday after the black gold, which lost 4% last week, began to slide markedly lower in reaction to protests triggered in China’s main cities against restrictive measures . imposed to contain the spread of COVID-19.

However, throughout the day yesterday, the prospect that the producing countries of OPEC and Russia will announce new cuts in production at their next meeting started to encourage investors, who continue to bet on buying this morning.

Similarly, some analysts believe that the protests, which initially raised fears that they could translate into a downturn in the economy, could force the authorities to relax their “zero Covid” policy, leading to more There may be economic activity and hence, an increase in fuel consumption.

“I think (the wave of protests) will lead the (Chinese) government to be more candid. They need to manage zero Covid policies without affecting growth too much and that is what the market is looking at positively, said the chief. FlowBank investment manager Estee Dweck, as quoted by The Wall Street Journal.

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Nation World News Desk
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