West Texas Intermediate (WTI) crude futures in New York closed slightly lower on Wednesday (July 19) as investors took profits after oil prices rose during the day.
The WTI crude oil contract is delivered in August. She was down 40 cents, or 0.5%, at $75.35 a barrel.
The Brent crude oil contract (BRENT) is delivered in September. She was down 17 cents, or 0.2%, at $79.46 a barrel.
Initially, WTI oil futures rose more than 1% to $76/barrel. This was buoyed by data from the U.S. Energy Information Administration (EIA), which said crude inventories fell by 700,000 barrels last week. Including the promise that China will accelerate the issuance of economic stimulus measures. After the gross domestic product (GDP) figure grew only 6.3% in the second quarter of 2023, below analysts’ expectations of 7.3%.
Crude oil later dropped. Because investors take profits. In addition, the strength of the dollar is also a factor in buying crude oil contracts as well. by dollar index The greenback, which measures the dollar against a basket of six major currencies, was up 0.34 percent to 100.2799 overnight.
However, investors are still hopeful that China’s economic stimulus measures and the likelihood that the Federal Reserve (Fed) is nearing the end of its cycle of raising interest rates. It will be a factor supporting economic activities and demand for oil.
However, investors expect The Fed will raise interest rates by 0.25% at its July 25-26 meeting, which will be the last hike this year. Before cutting interest rates by 0.25% at the meeting on 19-20 March 2024
2023-07-19 23:48:28
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