Friday, September 22, 2023

Texas oil falls 1.84% to US$80.99 a barrel

The price of Texas intermediate oil (WTI) fell 1.84% this Tuesday and closed at $80.99 a barrel, as investors stop celebrating supply cuts by Saudi Arabia and Russia and worry about China’s economy.

At the close of business on the New York Mercantile Exchange (nymex), WTI futures contracts for September delivery subtracted US$1.52 from the previous day.

The new data known this Tuesday of Chinathe world’s second-biggest oil consumer, showed its economy slowed further last month.

Chinese industrial production grew by 3.7% year-to-year in July, a figure that represents a slowdown compared to the data for June (4.4%).

On the other hand, Banco Popular de China cut rates by 15 basis points up to 2.5%.

Benchmark US crude has been boosted in the past six weeks by supply cuts by Saudi Arabia and Russia.

On the other hand, natural gas futures contracts for September were down US$0.13 to US$2.65, and gasoline futures due the same month were down US$0.05 to US$2.84.


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