2024-03-16 10:24:19
Oil market conditions: WTI oil closed down 22 cents on profit-taking.
InfoQuest – West Texas Crude Oil (WTI) contracts in New York closed lower on Friday (March 15) due to profit-taking pressure. After the price surged past the level of 85 dollars/barrel for the first time since November. But oil prices continued to rise this week, supported by increased demand from U.S. refineries following the completion of planned maintenance.
The WTI crude oil contract is for delivery in April. fell 22 cents, or 0.27%, to close at $81.04/barrel. But it rose 4.07% this week.
Brent crude oil contract (BRENT) for delivery in May. fell 8 cents, or 0.09%, to close at $85.34/barrel. But it rose 4.02% this week.
Analysts say Crude oil contracts dropped After investors were unsure whether the Federal Reserve (Fed) would be able to cut interest rates in June or not. After the release of the US high inflation data, it was higher than expected. While investors view If the Fed cuts interest rates, it will increase oil demand in the United States.
Investors sell crude oil contracts to make a profit. After prices rebounded for 2 consecutive days, with WTI oil prices rising earlier. After the United States revealed that crude oil stocks decreased last week. Contrary to analysts’ predictions And there are positive factors from reports from the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) that forecast tight oil conditions this year. In addition, oil prices were also supported by Ukraine sending drones to attack refineries. Russian oil This may also affect the amount of oil in the market.
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