New York West Texas Intermediate (WTI) crude futures ended lower on Friday (Jan. 27), with prices falling below $80/barrel. And the lowest level in more than a week as investors took profits. Amid concerns regarding the market outlook ahead of next week’s OPEC+ meeting, And the European Union (EU) will start banning Russian oil products on February 5.
- WTI Crude Oil Contract for March Delivery Shed $1.33, or 1.6%, to $79.68/barrel, down 2.4% for the week.
- Brent crude oil contract (BRENT) for delivery in March. Shed 81 cents, or 0.9%, to $86.66 a barrel, down 1.1% for the week.
Mr. Vladimir Cernov, Analyst at FX Empire revealed on Friday that “It seems that traders are rushing to take profits on crude oil contracts before the weekend.”
Oil prices rose earlier. driven by the expectation that Global oil demand will see a strong recovery following China’s opening up. Markets also respond to the bright US economic data.
Investors are on the lookout for the meeting of the Joint Ministerial Examination Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPEC Plus) on Feb. 1, as JMMC is expected to meet. OPEC Plus resolved to maintain its current policy of cutting production by 2 million barrels per day until the end of 2023.
By InfoQuest News Agency (28 Jan. ’23)
