Sunday, December 3, 2023

Texas oil loses 3.6% and closes at US$74.30 a barrel

Texas Intermediate Oil Price (WTI) fell 3.6% this Wednesday and closed at US$74.30 a barrel, when the investors they are looking at possible further interest rate hikes and are worried about a possible recession.

At the close of business in NYa barrel of WTI for June delivery lost US$2.77 compared to the previous day’s close.

The confidence of consumer The US fell to a nine-month low in April as concerns about the future mounted, raising the risk of the economy going into recession this year.

Investors are once again concerned about a possible recession economy and analyze whether in their meeting at the beginning of May the Federal Reserve (Fed) of the United States could raise interest rates again.

“Being below the $80 a barrel Due to concerns about weaker demand, prices look set to return to recent lows,” he said. michael hewsonchief market analyst at CMC Markets UK, speaking to Market Watch.

Also, today the International Energy Agency (IEA) announced that electric vehicles will reduce oil demand by 5 million barrels per day from 2030.

It is anticipated that the stake of electric vehicles in global vehicle sales will increase by approximately 14% in 2022, when the figurescompared to the increase of only 4% in 2020.

The Energy Information Management reported on Wednesday that US commercial crude inventories fell by 5.1 million barrels during the week ending April 21.

In averageanalysts are forecasting a drop of 2.3 million barrels, according to a survey by S&P Global Commodity Insights.

On the other hand, the contracts Natural gas futures for June fell US$0.19 to US$2.11, and gasoline futures due the same month remained $0.03up to $2.54.


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