New York, October 10 (EFE). The price of Texas Intermediate oil (WTI) opened today with a slight decrease of 0.13%, to $ 92.52 a barrel, after the strong increases last week and with investors waiting for the slowdown in the Chinese economy and its potential impact on demand for crude oil.
As of 0905 New York local time (1305 GMT), WTI futures for November delivery are down 12 cents from their previous close.
Despite today’s drop, benchmark US oil is still trading above $90 a barrel, after rising more than 16% last week.
The price of crude oil rose sharply before and after the decision of the OPEC + alliance, led by Saudi Arabia and Russia, last Wednesday, to cut its production by 2 million barrels per day from November, which represents the largest cut in oil supplies since May. 2020.
Despite this sharp drop in supply, analysts generally believe that crude oil prices will remain in a tight spot given concerns about the health of the global economy, amid fears of a possible recession as a result of sharp hikes in interest rates. Adopting interest rates to combat inflation.
Hence, many experts have cited economic data from China released over the weekend as one of the reasons why WTI crude trading is down today. EFE
mvs / fpa
EFE 2022. Redistribution and redistribution of all or part of the contents of the EFE Services, without the prior and express consent of Agencia EFE SA, is expressly prohibited.
“Beeraholic. Friend of animals everywhere. Evil web scholar. Zombie maven.”