The price of Texas Intermediate Oil (WTI) fell 2.7% yesterday, to $70.38 a barrel, but ended the week with a revaluation of 1.3%.
At the end of today’s session, the futures contracts of WTI for delivery in December fell 1.98 dollars with respect to the closing of the previous one.
- The US benchmark crude oil went through a volatile week, marked by the electoral victory of Donald Trumpp in the US elections and a new drop in interest rates.
Regarding the consequences of a new Trump mandate, the experts They point out that it could renew sanctions on Iran and Venezuela, reducing global supply, with upward effects on the barrel of WTI.
The Federal Reserve It dictated its second rate cut on Thursday, by a quarter point, after starting a new monetary policy cycle in September, bringing the reference rate to a range of 4.5% to 4.75%.
According to analysts, the market is refocusing on the supply and demand outlook, and especially on uncertainty over the economy of China, one of the world’s largest consumers.
The Chinese central authorities announced yesterday more measures of fiscal stimulus that were not well received in international markets.
Hidden debt
Specifically, a plan was outlined to redeem the “hidden debt” of Chinese local and regional governments and thus clean up their accounting balances of about 1.4 trillion dollars, a figure that will not cover all that debt.
On the other hand, US investors were awaiting the arrival of Hurricane Rafael in the coasts in the south of the country, a risk for supply that has decreased in recent hours as this phenomenon weakens.
On the other hand, contracts natural gasl for delivery in December fell to 2.67 dollars per thousand cubic feet, and gasoline prices for that same period fell to 2.01 dollars per gallon. EFE
