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On February 6, 2023, reporters reported that the West Texas Crude Oil (WTI) contract on the New York market closed on Friday. This is due to investors selling crude oil contracts amid uncertainty regarding Chinese oil demand following the Lunar New Year holiday. In addition, the prospect of further interest rate hikes in the US following stronger-than-expected employment data is released. This put pressure on the oil market as well.
WTI Crude Oil Contract for March Delivery It fell $2.49, or 3.3%, to settle at $73.39 a barrel. Brent crude oil contract (BRENT) for delivery in April. Shed $2.23, or 2.7%, at $79.94/barrel.
