Thursday, February 2, 2023

Texas oil rose 2.26% to $76.82 a barrel

New York, 11 January. Texas Intermediate oil (WTI) prices opened higher by 2.26% on Wednesday at $76.82 a barrel as investors worried about a possible recession, also encouraged by the reopening of China, a big consumer of crude. Of oil

At 9:00 a.m. New York local time (14:00 GMT), WTI futures contracts for February delivery were up $1.70 from the previous day’s close.

On Tuesday, investors analyzed statements from United States Federal Reserve (Fed) Chairman Jerome Powell to gauge how the central bank’s next steps will affect the economy and oil demand.

Powell said the central bank remains firmly committed to reducing inflation, even though raising interest rates to halt economic growth could trigger a recession and hurt demand for black gold in the meantime.

China, which imports the most crude oil, is also in the headlines after opening its borders for the first time since the start of the pandemic.

On the one hand, investors expect energy demand to increase in this country, and even more so if the Lunar New Year holiday season is taken into account.

However, on the other hand, a rise in the number of COVID-19 cases in the Asian country could negatively impact crude oil consumption and create bottlenecks in supply chains.

Finally, investors await the latest report from the US Energy Information Administration with data for the week ending January 6.

However, US commercial crude stockpiles are expected to decline from last week, according to The Wall Street Journal.

Nation World News Desk
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