He oil price intermediate of Texas (WTI) fell 3.3% this Friday and closed at $73.39 a barrel, thus ending a week in which black gold has depreciated 7.89%.
At the close of the operations in New Yorkthe contracts of WTI futures for delivery in March, $2.49 remained with respect to the close of the previous day.
One of the triggers for this week’s fall, according to experts, was the sixth consecutive week of increases in the inventories of the Energy Information Management (EIA), since this negatively affects the price of crude oil.
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On Wednesday, the ea reported that US crude inventories increased by 4.1 million barrels during the week ending January 27.
In addition, and according to data published today by the Bureau of Labor Statistics (BLS), in January the United States created more than half a million jobs and the unemployment rate fell one tenth, to 3.4%.
The US jobs data is the latest in a series of reports highlighting that the economy has been resilient, a fact that worries investors as this could translate into policies of the federal reserve (Fed) more aggressive to curb inflation.
the fed raised its interest rate a quarter of a percentage point on Wednesday, its lowest increase since it began an aggressive monetary tightening campaign last March.
The reopening of China, a large consumer of crude oil, this past January has also encouraged investors.
However, now the market awaits to see if this reopening translates directly into an increase in demand for black gold by China.
Starting Sunday, the European Union will impose sanctions on imports of Russian oil products, which could benefit the price of crude.
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“It will be interesting to see how this can affect global oil prices in the medium to long term,” he said. Lukman Otunugamarket analysis manager FX™in statements collected by MarketWatch.
On the other hand, natural gas futures contracts for March were down $0.04 to $2.41, and gasoline futures due the same month were down $0.13 a gallon to $2.32.
