New York’s West Texas Intermediate (WTI) crude futures ended lower on Friday (Sept. 30) as markets were pressured by fears over oil demand prospects. After the tightening of monetary policy, central banks have increased the risk that the economy will enter a recession.
- WTI crude oil contract for delivery in November It fell $1.74, or 2.1%, at $79.49 a barrel.
- Brent crude oil contract (BRENT) for delivery in November It was down 53 cents, or 0.6%, at $87.96 a barrel.
However, during this week The WTI crude futures were up nearly 1% and the Brent crude futures were up 2.1%.
In September WTI crude futures fell 11% and Brent fell 8.8 percent.
Crude oil futures fell on selling pressure. As investors are more concerned that The tightening of monetary policy by central banks may increase the risk that the economy will enter a recession. This will affect the demand for fuel.
Crude oil futures fell sharply in September. and in the 3rd quarter by being pressured by the appreciation of the US dollar This results in a crude oil contract priced in dollars. more expensive and is not attractive to investors holding other currencies.
But in this week Crude oil futures rose This was driven by the trend that OPEC Plus will announce a cut in oil production at its meeting next Wednesday (Oct. 5).
By InfoQuest News Agency (01 Oct. 65)
