New York’s West Texas Intermediate (WTI) crude futures ended lower on Thursday (July 28) after reports that the US economy had contracted for the second straight quarter, prompting investors to worry that it might hurt. affect oil demand
- WTI crude oil contract for delivery in September It was down 84 cents, or 0.9%, at $96.42 a barrel.
- Brent crude oil contract (BRENT) for delivery in September It was up 52 cents, or 0.5%, at $107.14 a barrel.
WTI crude futures fell after the US Commerce Department released its first quarterly gross domestic product (GDP) estimate for the second quarter, showing GDP shrinking 0.9% after a 1.6% contraction in Q1. 2 consecutive quarters Put the United States into a “technical” recession, meeting the definition of a recession.
However, the oil market gained momentum during the day. According to the US Energy Information Administration (EIA), US crude inventories fell 4.5 million barrels last week. That was just 800,000 barrels more than analysts had expected.
Gasoline inventories fell 3.3 million barrels, more than analysts expected a 1.1 million barrel drop and distillate stocks. That includes heating oil and diesel, down 800,000 barrels, more than analysts expected a decline of 200,000 barrels.
In addition, oil prices were also supported by market tightness. Including the forecast that Europe will turn to more crude oil. After Russia cuts gas through the Nord Stream 1 pipeline
By InfoQuest News Agency (29 Jul 65)