2023-08-01 23:54:56
Editor’s Picks, Economic News6:40pm2023-08-02
New York’s West Texas Intermediate (WTI) crude futures closed lower on Tuesday (Aug. 1), pressured by the strength of the dollar. and from investors selling for profit After crude oil rose strongly in July.
The WTI crude oil contract is delivered in September. She was down 43 cents, or 0.5%, at $81.37 a barrel. The Brent crude oil contract (BRENT) is delivered in October. She was down 52 cents, or 0.6%, at $84.91 a barrel.
Investors take profits. After WTI oil futures rose 15.8% and Brent oil futures rose 14.2% in July on tight oil supply trends. It is expected that Saudi Arabia will extend its voluntary cut of 1 million barrels per day of oil production until the end of September. From originally scheduled at the end of August
In addition, the strength of the dollar causes the crude oil contracts, which are priced in dollars. The dollar index, which measures the greenback once morest six major currencies in a basket of currencies, was up 0.45% at 102.3056 overnight. this
However, the market gained momentum during the day. According to the American Petroleum Institute (API), US crude inventories fell 15.4 million barrels for the week ended July 28, far more than the 1.37 million barrel drop expected by analysts. Gasoline stocks fell 1.7 million barrels and distillate stocks, which include diesel fuel and heating oil, fell regarding 510,000 barrels.
Investors are keeping an eye on the official US Energy Information Administration (EIA) crude stock figures, which will be released today (Aug. 2).
By InfoQuest News Agency (02 Aug. ’23)
Tags: WTI, WTI oil, oil price, today’s oil price
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