2023-07-28 11:46:53
Economic News18:37, 2023-07-28
WTI crude futures decline despite better-than-expected US economic data. This is usually a factor in oil prices as it boosts demand for oil.
However, WTI crude oil futures declined not much. because it was driven by the tight oil supply After OPEC Plus cut production. And the market is driven by the trend of increasing demand from China. and the expansion of the world economy
At 6:36 p.m. Thai time, West Texas Crude Oil Contract (WTI) for September delivery which traded on the NYMEX, minus $ 0.21, or 0.26%, to $ 79.88 / barrel.
UBS analysts said in the report. “We expect the oil market to be tight. We remain positive. Brent crude oil is expected to rise to $85-90 in the coming months.”
Oil markets are also influenced by expectations that central banks such as the Federal Reserve (Fed) are closing in on raising interest rates. This will support global economic growth and energy demand.
The US Commerce Department said on Thursday that The US economy expanded by 2.4% in the second quarter of 2023, while a recovery in the labor market boosted consumer spending. and the business sector increases investment in equipment This will prevent the economy from entering a recession.
Markets were also boosted by China’s confirmation on Monday that it would launch a policy to support the economy. which raises the hope that China, the world’s largest importer of crude oil, will demand more oil.
Investors will focus on the OPEC Plus meeting on Aug. 4 to review oil market conditions.
By InfoQuest News Agency (28 July ’23)
Tags: WTI oil, oil price
1690546902
#WTI #Oil #Prices #Drop #Strong #GDP #Data #InfoQuest