Economic news 7:11 a.m. 2023-12-30
West Texas Crude Oil (WTI) futures in New York closed slightly lower on Friday (Dec. 29), the last trading day of 2023, and prices posted an annual decline for the first time since last year. 2020 amid concerns about oil demand trends This has overshadowed positives from supply disruptions and efforts by OPEC and its allies to limit oil production.
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WTI crude oil contract for delivery in February. fell 12 cents, or 0.17%, to close at $71.65/barrel.
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Brent crude oil contract (BRENT) for delivery in March. fell 11 cents, or 0.14%, to close at $77.04/barrel.
WTI crude oil contracts fell 21.1% in Q4 and are down 10.7% this year, while Brent crude oil contracts fell more than 19% in Q4 and are down 10.3% this year.
Analysts stated that Increased oil production reaches record levels in 2023 for both the United States and other countries. that are not members of OPEC It has resulted in blocking the increase in crude oil prices.
Marios Hadjikiriakos Senior Investment Analyst at XM stated that “Investors have begun to pay attention to the risks that There may be too much oil on the market next year. while there is insufficient demand.”
By InfoQuest News Agency (30 Dec. ’23)
Tags: WTI oil, crude oil, oil price
2023-12-30 01:21:08
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