Monday, December 4, 2023

Texas oil opens down 1.52% to US$78.43 a barrel

The price of the barrel of Texas intermediate oil (WTI) opened down 1.52% to $78.43 a barrel as investors keep their eyes on central banks’ next steps.

At 09:00 local time, the futures contracts of the WTI for delivery in October lost US$1.21 with respect to the close of the previous day.

Investors will be looking for clues this week as to whether central banks will continue to raise interest rates in their countries to fight inflation, as both the Federal Reserve (Fed) of the United States as the European Central Bankthe Bank of England and the Bank of Japan will meet in Jackson Hole, Wyoming for their annual central bank conference.

Crude oil inventories continued to fall in the United States and fell by about 2.4 million barrels in the week ending August 18, the American Petroleum Institute announced Tuesday.

“Today, the focus will be on the weekly data of the Energy Information Administration (EIA), and while major changes in inventories could move markets, gasoline demand measures will be critical to watch as continued weakness in consumer demand is one of the biggest risks to oil markets. right now,” says Tom Essaye in his analysis of The Sevens Report.


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