2023-06-27 23:46:52
Editor’s Picks, Economic News6:46p.2023-06-28
New York West Texas Intermediate (WTI) crude futures closed more than 2% lower on Tuesday (June 27) following signs that central banks continued to raise interest rates. to curb inflation This has made investors worried regarding the impact it will have on the economy and oil demand.
The WTI crude oil contract is delivered in August. down $ 1.67, or 2.41%, to $ 67.70 / barrel. The Brent crude oil contract (BRENT) was delivered in August. It was down $1.92, or 2.59%, at $72.26/barrel.
Vladimir Cernov, an analyst with FX Empire, said the oil market was pressured by concerns regarding the impact of rising interest rates. Most recently, Christine Lagarde, President of the European Central Bank (ECB), said at a forum in Portugal yesterday that Inflation in Europe is still too high and is likely to stay at this high level for a long time, which may prompt the ECB to raise interest rates to stem further inflation.
In addition, investors think Strong US economic data may push the Federal Reserve (Fed) to move forward with raising interest rates. The data included a soaring U.S. consumer confidence index to its highest level in a year and a half and a three-month gain in durable goods orders.
Concerns regarding the impact of rising interest rates That overshadowed the positives from an American Petroleum Institute (API) report that showed U.S. crude inventories fell 2.4 million barrels for the week ended June 23 and gasoline inventories fell 2.9 million barrels.
Investors will be keeping an eye on the official crude stocks report from the US Energy Information Administration (EIA) today at 9:30 PM ET.
By InfoQuest News Agency (28 June 2023)
Tags: WTI, WTI oil, oil price
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