The intermediate oil price of Texas (WTI) closed lower yesterday and accumulated a weekly loss of 11%, attributed to investors’ fears of a possible US recession.
Upon completion of operations in the New York Mercantile Exchange (Nymex), WTI futures contracts for January delivery shed 44 cents, or 0.6%, from the previous day’s close to settle at $71.02 a barrel, their lowest price of the year.
The US benchmark oil price closed every day this week in the red and suffered large falls, particularly pronounced on Monday (-3.8%), Tuesday (-3.5%) and Wednesday (-3.02). “The near-term demand outlook for crude oil has deteriorated as no one has a clear idea of how severe the downturn will be for the US economy,” said Edward Moya, senior market analyst at OANDA.
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The latest economic data released this week has shown the US economy to be stronger than expected, as well as the Producer Price Index, which measures what suppliers charge businesses and other customers.
