The price of Texas Oil Intermediate (WTI) Opened this friday with a decrease of 0.39% and stood at 92.16 dollars a barrel, continuing the path set at yesterday’s close, and awaiting the speech of the president of the Federal Reserve from USAJErome Powellto assess whether the central bank will continue to be aggressive in raising interest rates.
At 0900 New York local time (1304 GMT), WTI futures contracts for October delivery were down $0.36 from the close of the previous session.
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The US benchmark crude price continued its downward trend this morning, despite Saudi Arabia’s intentions to cut OPEC production and the drawdown of US oil inventories last week.
WTI closed Thursday down 2.5% as a possible nuclear deal with Iran approached that would make Iranian crude available again.
The firm Sevens Report, also linked yesterday’s fall with the collection of profits accumulated in recent days by investors before Powell’s speech.
“A stubbornly aggressive stance from the Fed in the coming months would restrict growth and ultimately weigh on consumer demand for refined products, keeping a check on energy prices overall,” the report said. by Seven’s Report
