New York’s West Texas Intermediate (WTI) crude futures ended lower on Thursday (Feb. 9), pressured by reports of a more-than-expected rise in US crude inventories. and concerns about the economic impact of the US Federal Reserve (Fed) moving forward to raise interest rates.
- The WTI crude oil contract is delivered in March. She was down 41 cents, or 0.5%, at $78.06 a barrel.
- The Brent crude oil contract (BRENT) is delivered in April. She was down 59 cents, or 0.7%, at $84.50 a barrel.
Crude Oil Contracts Fall The U.S. Energy Information Administration (EIA) said U.S. crude inventories rose 2.4 million barrels last week. That was just 2.1 million barrels more than analysts had expected.
Gasoline stocks rose 5 million barrels, 1.6 million barrels more than analysts had expected, and distillate stocks, including heating oil and diesel, rose 2.9 million barrels, above analysts’ expectations. will only increase by 100,000 barrels
At the same time, investors are concerned about the economic impact of the Fed’s move to raise interest rates. One of the Fed Governors, Christopher Waller, said: The Fed’s mission to fight inflation is not over yet. This forced the Fed to keep raising interest rates. to ensure that inflationary pressures will slow down As New York Fed President John Williams said: The Fed will need to hold interest rates at a restrictive level for the next few years to ensure US inflation returns to the low level it was before the COVID-19 pandemic. scourge
Oil futures were also pressured by reports that The earthquakes in Turkey and Syria did not cause the damage to oil pipelines and infrastructure as had been predicted. by the previous Earthquakes in both countries that have killed more than 19,000 people underpin oil prices. It is expected that the intensity of the earthquake will affect oil pipelines and infrastructure. And may cause the amount of oil in the world market to decrease.
By InfoQuest News Agency (Feb. 10, 2023)
Tags: WTI oil, crude oil, oil price
