2023-06-29 23:41:50
Editor’s Picks, Economic News6:41p.2023-06-30
New York West Texas Intermediate (WTI) crude futures closed higher on Thursday (June 29), with the market still supported by a more-than-expected drop in US crude stocks last week. But trading is volatile. As investors worry that rising interest rates will affect the global economy.
The WTI crude oil contract is delivered in August. They were up 30 cents, or 0.43%, at $69.86 a barrel. The Brent crude oil contract (BRENT) was delivered in August. It was up 31 cents, or 0.42%, at $74.34/barrel.
WTI crude futures closed in positive territory for the second straight day following the US Energy Information Administration (EIA) said U.S. crude inventories fell 9.6 million barrels for the week ended June 23, more than That analysts expected a drop of only 1.8 million barrels.
Gasoline stocks rose only 600,000 barrels, compared with analysts’ expectations of a 1 million barrel increase, and distillate inventories. Oil, which includes heating oil and diesel, rose 120,000 barrels, while analysts had expected an increase of 800,000 barrels.
However, the market was pressured by concerns regarding the impact of rising interest rates. After Federal Reserve Chairman Jerome Powell said at a forum in Portugal on Wednesday that He did not rule out the possibility of the Fed raising interest rates twice in a row this year. because inflation remains high
European Central Bank (ECB) President Christine Lagarde said at the forum on Tuesday: Inflation in Europe is still too high. And is likely to stay at this high for a long time, which may force the ECB to move forward with raising interest rates to curb inflation.
In addition, the oil market was under pressure during the day. After China, the world’s largest oil importer, revealed that Industrial profits fell 18.8% in the first five months of the year. as industrial firms have been hit hard by weak demand. and slow recovery of the economy following the outbreak of COVID-19
By InfoQuest News Agency (30 June 2023)
Tags: WTI, WTI oil, oil price
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