2023-07-29 02:11:46
Economic news6:30pm2023-07-29
West Texas Intermediate (WTI) crude oil futures in New York closed higher on Friday (July 28) and gained for the fifth straight week. Because investors believe that Strong demand and production cuts will continue to support prices.
WTI Crude Oil Contract for September Delivery They were up 49 cents, or 0.72%, at $80.58 a barrel. and up 4.6% this week.
Brent crude oil contract (BRENT) for September delivery It was up 75 cents, or 0.9%, at $84.99 a barrel. and up 4.8% this week.
The oil market was driven by expectations that Central banks such as the US Federal Reserve (Fed) and the European Central Bank (ECB) are nearing an end to raising interest rates. This will support global economic growth and energy demand.
The oil market was also supported by OPEC Plus announcing cuts in oil production earlier this month.
Commerzbank analysts expect OPEC oil production this month may fall to its lowest level since autumn 2021, and Saudi Arabia is expected to cut production further in September.
Bright forecasts of demand trends also support the market. After the US released data, gross domestic product (GDP) expanded more than expected by 2.4% in the second quarter of 2023, supporting the view of Fed Chairman Jerome Powell, who indicated that The US economy will slow down in a gradual or soft landing (soft landing).
Chinese policymakers have insisted on further stimulus. following the Chinese economy grew at a slower rate in the second quarter
Exxon CEO Darren Woods In an interview with Mobil on Friday, it expects record demand for oil this year and next.
Baker Hughes, an energy services company, said Friday that US oil rigs fell one rig to 529 this week.
By InfoQuest News Agency (29 July ’23)
Tags: WTI oil, crude oil, oil price
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