After two consecutive sessions presenting profits, oil recedes.
For this Tuesday, September 6, Brent and West Texas Intermediate (WTI) crude oil prices fell by more than two percent in relation to yesterday’s close, September 5.
The drop in oil futures is a result of concerns about weakening demand, as well as the perspective more aggressive hikes in interest rates.
In addition to this, last Monday, The Organization of Petroleum Exporting Countries and its allies (OPEC+) announced a cut of 100,000 barrels per day in crude oil production for next October, being his first cut since 2020.
“The OPEC+ news is already in the market and the focus has temporarily shifted to economic and inflation concerns, among which the two relevant factors are the extension of the COVID lockdowns in China and the ECB rate decision on Thursday. They certainly raise fears of demand destruction.”, said Tamas Varga of the brokerage VATaccording to information collected by Millennium News.
Price of the dollar today, September 6: Exchange rate in Honduras, Mexico, Guatemala, Nicaragua…
According to the most recent update of Oil Price Chartsfamous website with more than 150 oil indices and mixtures worldwide, for this Tuesday, September 6, a barrel of crude Brent is trading at $93.56 dollars, while the American equivalent, West Texas Intermediate is at $87.22.
The prices of both references fell more than two percentwell, the same during yesterday were $95.88 dollars for Brent and $89.42 dollars for WTI.