2023-07-27 15:32:32
WTI Crude Oil Continues Rising Recently, it broke the level of 80 dollars in response to the strong US economy. This will be a factor supporting oil demand.
At 10:24 p.m. Thai time, West Texas Crude Oil Contract (WTI) for September delivery Which traded on NYMEX plus $ 1.39, or 1.76%, to $ 80.17 / barrel.
The US Commerce Department released its first estimates for gross domestic product (GDP) for the second quarter of 2023 today, indicating that the US economy grew 2.4% in the quarter. That beat analyst expectations of 2.0% and beat first-quarter GDP growth of 2.0%.
In addition, oil prices responded to hopes that China is preparing to stimulate the economy.
The meeting of the Standing Committee of the Political Bureau of the Communist Party of China (Politburo) led by President Xi Jinping signaled further measures to support the real estate sector. Including accelerating the stability of employment. coupled with stimulating demand and solve local government debt problems.
At the same time, the market was driven by concerns regarding tight oil.
Saudi Arabia and Russia announced cuts in oil supply in the market. Saudi Arabia has extended the time for voluntary oil production cuts by 1 million barrels per day until the end of August. While Russia will reduce oil exports by 500,000 barrels per day in August.
Saudi oil production cuts And cuts in Russian oil exports will lead to a 1.5% drop in world oil supplies.
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