Friday, September 22, 2023

Texas oil opens 1.28% higher to US$80.06 a barrel

The price of the barrel of Texas intermediate oil (WTI) opened up 1.28% to $80.06 a barrel as investors keep their eyes on Jackson Hole and Federal Reserve Chairman Jerome Powell’s speech.

At 09:00 local time, the futures contracts of WTI for delivery in October earned US$1.01 compared to the close of the previous day.

Investors will look to Powell’s speech this Friday for clues as to whether the central bank will continue to raise prices. interest rates to curb inflation.

On the other hand, the high value of dollar increased to a maximum of 10 weeks.

A strong dollar makes oil more expensive for investors that use other currencies and that could negatively affect the demand for black gold.


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