2023-08-02 21:43:00
International oil prices fell due to the strong dollar trend following the downgrade of the US credit rating and risk aversion sentiment.
At the New York Mercantile Exchange on the 2nd local time, the price of West Texas Intermediate (WTI) for September delivery closed at $79.49 per barrel, down $1.88 and 2.31% from the battlefield.
The closing price for the day is the lowest level since July 26th.
On the 1st of local time, the US credit rating agency Fitch lowered the US national credit rating by one notch from Triple A (AAA) to Double A+ (AA+).
Fitch explained in the report that “it reflects the deterioration of the US fiscal policy, the increase in the national debt burden, and the deterioration of governance expected over the next three years.”
The news that the U.S. credit rating was downgraded in 12 years stimulated risk-averse sentiment, and stocks and oil prices fell together.
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