Sunday, January 29, 2023

Texas oil opened at a low of $80.86

Photo: EE File

The price of Texas Intermediate Oil (WTI) opened this Friday with a slight decline of 0.44% over the previous day to $80.86 per barrel, although it gained a few hundredths in the last time and did not stop dancing up and down.

At 9:09 a.m. New York local time (14:00 GMT), WTI futures contracts for January delivery were down $0.36 compared to the previous day’s close.

After two days of gains on the back of investor optimism due to the easing of restrictions in some Chinese cities and the wait for the next meeting of OPEC+ countries, spirits appear to be cooling.

The message from Beijing today clearly tends to ease strict anti-Covid measures, which could boost consumption and boost oil demand.

Sun Chunlan, the deputy prime minister in charge of overseeing the “zero covid” policy, assured in recent hours that the low pathogenicity of the virus and the high vaccination rate of more than 90% of the population, among other factors, “have made” for the country Conditions for “adjusting measures against the epidemic”.

On the other hand, investors still await a meeting of oil-producing nations on December 4, with analysts divided between those who believe they will take no new measures and those who think OPEC and its allies could decide on new measures. production cuts.

Also affecting WTI’s renewed strength was a bigger-than-expected drop in US oil inventories, to 12.6 million barrels against the 2.76 drop expected by analysts.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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