New York West Texas Intermediate (WTI) crude futures closed lower on Friday (Nov. 18), pressured by concerns regarding oil demand caused by a global economic slowdown. and accelerating interest rate hikes by the US Federal Reserve (Fed) to curb inflation.
- WTI crude oil contract for delivery in December. It fell $1.56, or 1.9%, to settle at $80.08 a barrel. This is the lowest level since Sept. 30, 2022 and has fallen 9.98% this week.
- Brent crude oil contract (BRENT) for delivery in January. It was down $2.16, or 2.4%, at $87.62 a barrel, and was down 8.7% for the week.
Oil prices have been hit by China’s reported number of COVID-19 cases. rising in many cities This will allow China to take stricter measures to control the spread of COVID-19. and will affect domestic oil demand
Kansas City Fed President Esther George said the Fed may have to shrink the economy to slow inflation. While the labor market is still tight.
Oil markets were also under pressure following US oil drilling operator Baker Hughes said on Friday that The number of U.S. oil rigs drilling, which will indicate future output, rose one rig to 623 this week.
Investors will keep an eye on the production policy meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus on December 4
By InfoQuest News Agency (19 Nov. ’22)