New York, (EFE)- The price of Petroleum Texas Intermediate (WTI) lost a hefty 3.9% this Friday, to $85.61 a barrel, accumulating a weekly loss of 7.58%, after last Friday it closed above the psychological barrier of the $90 a barrel.
At the end of trading on the New York Mercantile Exchange (Nymex), WTI futures contracts for November delivery lost $3.5 from the previous close.
This is the third session that the price of benchmark crude oil in the United States has chained a drop due to fears of a recession that would affect demand, which contrasts with the strong increases last week since the intention of the countries was known. of OPEC + to reduce crude oil production by two million barrels per day.
The analyst at the Oanda firm, Ed Moya, considers that the information “continues to be very pessimistic for the prospects for crude oil demand. The intense volatility of the market does not bode well for growth prospects and that has pushed up the dollar”, whose price increase also makes WTI crude more expensive against other currencies.
For Moya, in addition, “the perspective of the demand for crude oil continues to have a downward momentum for the two largest economies in the world, since it seems that the US will be led into a recession by the (Federal Reserve) Fed that fights against inflation, while China probably won’t have any major turnaround with its zero COVID policy.”
Meanwhile, November natural gas futures were down 28 cents to $6.45, and gasoline futures due the same month were down 7 cents to $2.63 a gallon.
