The price of Texas intermediate oil (WTI) rose a slight 0.1% on Friday to close at $73.77 a barrel, but ended with weekly losses.
At the close of business in NYWTI futures contracts for February delivery added $0.10 compared to the previous day’s close.
However, the price of black gold decreased $6.49 compared to last week’s close.
Recession
Investors fear that this year the World economy is facing a recession due to the tough measures that world banks are taking to curb inflation.
Another major concern on the part of investors is how the china openingwhich is the main importer of crude oil.
As of January 8, the covid-19 It will cease to be a category A disease in China, the level of maximum danger and for whose containment the most severe measures are required, to become a category B, which contemplates a more lax control, thus marking in practice the end of the politics of ‘zero covid‘, dismantled by the authorities after protests broke out.
Meanwhile, it is expected that energy demand double from last year for travel for the upcoming Lunar New Year holiday.
However, the increase in cases of the covid-19 in the Asian country could negatively affect:
- crude oil consumption
- Create bottlenecks in supply chains.
On the other hand, futures contracts for gnatural ace for February they lost 0.01 dollars, up to 3.71 dollars, and those of gasoline with expiration the same month lost 0.02 dollars a gallon, up to 2.24 dollars.
