West Texas Intermediate (WTI) crude oil futures closed in New York on Friday (Jan 27), falling below $80/barrel. Because investors sell and take profits
West Texas Crude Oil (WTI) Contract for March Delivery Shed $1.33, or 1.6%, to $79.68/barrel, down 2.4% for the week.
Brent crude oil contract (BRENT) for delivery in March. Shed 81 cents, or 0.9%, to $86.66 a barrel, down 1.1% for the week.
Mr. Vladimir Cernov, Analyst at FX Empire revealed on Friday that “It seems that traders are rushing to take profits on crude oil contracts before the weekend.”
Oil prices rose earlier. driven by the expectation that Global oil demand will see a strong recovery after China’s opening up. Markets also respond to the bright US economic data.
Investors are keeping an eye on the meeting of the Joint Ministerial Review Committee (JMMC) of the Petroleum Exporting Countries and Allies (OPEC Plus) on February 1, while the JMMC is expected to reach a resolution. OPEC Plus maintains its current policy of cutting production by 2 million barrels per day until the end of 2023.