Thursday, September 21, 2023

Texas oil closes with a drop of 1.17% and settles at US$72.99 a barrel

He price Texas Intermediate Oil (WTI) closed this Monday with a drop of 1.17%, standing at US$72.99 a barrel, when investors fear more interest rate hikes from the Federal Reserve (Fed) of the United States.

At the close of business in the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in August were down $0.87 from the previous day.

After getting last Friday a weekly increase ofl 4.57%today black gold was negatively affected by fears that interest rate hikes by the US central bank could translate into a possible recession.

The investors They will be looking closely at the Consumer Price Index report, which will be released on Wednesday, as well as the Producer Price Index, which will be released on Thursday.

Investors see it as increasingly likely that at its next meeting the Fed will opt to raise rates. interest rates.

However, the WTI price was helped by the announcement that the OPEC+ plans to further reduce its supply.

On the other hand, natural gas futures contracts for August added up to US$0.08, up to US$2.66, and gasoline futures contracts due the same month were up to US$0.01, up to US$2.56.


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