Economic News7:09P.2023-08-19
West Texas Intermediate (WTI) crude futures in New York closed higher on Friday (Aug. 18), supported by tight oil market conditions. But crude oil prices fell for the first time in eight weeks as investors remained concerned about demand from China. And the price was pressured by rising bond yields. and the appreciation of the dollar
WTI Crude Oil Contract for September Delivery It was up 86 cents, or 1.1%, at $81.25 a barrel, but was down 2.3% for the week.
Brent crude oil contract (BRENT) for delivery in October. They were up 68 cents, or 0.8%, at $84.80 a barrel, but were also down 2.3% for the week.
The oil market is driven by tight supply trends. Because Saudi Arabia has announced a voluntary cut of 1 million barrels per day of oil production until the end of September. And Russia will reduce oil exports by 300,000 barrels per day in September.
However, renewed concerns about demand for oil from China amid a real estate crisis and weak economic data releases. It weighed down on WTI and Brent crude oil contracts this week for the first time since June.
By InfoQuest News Agency (19 Aug. ’23)
Tags: WTI oil, crude oil, oil price
2023-08-19 01:52:47
#WTI #oil #closed #cents #tight #supply #outlook #InfoQuest
