Economic news9:58am2024-03-11
WTI oil prices fell this morning. It continued to decline from Friday (March 8) as investors were still concerned about the slowdown in oil demand in China.
At 9:52 a.m. Thai time, the West Texas Crude Oil Contract (WTI) will be delivered in April. fell 64 cents, or 0.82%, to 77.37 dollars/barrel.
WTI oil futures fell more than 1% on Friday and were down 2.5% last week. The oil market was pressured by China revealing that China has set its economic growth target for this year at around 5%, a level that many analysts expect will not provide much stimulus.
Information released last week indicates that China’s crude oil imports increased in the first two months of this year. Compared to the same period last year but lower than that of the previous month. This indicates a declining trend in oil purchases by China, the world’s largest oil buyer.
There is concern about the slowdown in oil demand in China. Positive factors were extracted from the OPEC+ group led by Saudi Arabia and Russia agreeing to extend voluntary oil production cuts of 2.2 million barrels per day into the second quarter.
By InfoQuest News Agency (11 March 2024)
Tags: WTI, oil price
2024-03-11 03:18:10
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