The oil price intermediate of Texas (WTI) closed this Friday with a deep fall of 5.7% and stood at 78.74 dollars, below 80 dollars a barrel for the first time since January.
At the end of the operations in the New York Mercantile Exchange (nymex)WTI futures contracts for November delivery were down $4.75 from the previous close.
Investors are once again concerned about the threat of a global recession and interest rate hikes by various central banks.
The benchmark oil Americanwhich closed positive on Thursday driven by the increase in tensions between Russia and Ukraineended the week with a large cumulative loss of 7.8%.
The fear of a possible global recession has become more palpable in investors after on Wednesday the United States Federal Reserve (Fed) raised interest rates by 75 basis points to a range between 3% and 3.25%, the highest level in the last 14 years.
Also, the Bank from England One day later, the interest rates in the United Kingdomup to 2.25%, its highest level since December 2008. Investors fear that the aggressiveness of central banks will affect consumer spending, including fuel, and that in general it will lead the economy into a recession .
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However, many bullish factors remain in play, such as the war in Ukraine, the blocking of the nuclear agreement with Iran that is linked to the return of Iranian oil to international markets and the possibility that OPEC countries reduce their output in a time of tense balance between supply and demand.
The futures contracts natural gas prices for October subtracted 26 cents from the dollar, down to 6.82 dollars, and those of gasoline maturing the same month lost 13 cents to 2.38 dollars a gallon.