WTI plunges more than 1%, falls below $73, fears Fed will raise interest rates

The reporter reported that Today (Feb. 6, 2023), WTI crude oil contract plunged more than 1%, falling below $ 73 amid concerns that The Federal Reserve (Fed) will raise interest rates longer than expected. after the US revealed strong employment numbers

At 10:54 p.m. Thai time, West Texas Crude Oil Contract (WTI) for delivery in March. which traded on the NYMEX, minus $ 0.87, or 1.19%, to $ 72.52 / barrel.

In addition, oil prices were pressured by the appreciation of the dollar. which will reduce the attractiveness of the contract By making oil contracts more expensive for holders of other currencies.

At the same time, the market is keeping an eye on the G7, the European Union and Australia. which has set a ceiling on Russian oil prices with effect yesterday

The measure will set a ceiling on Russian oil prices of $100 per barrel for diesel and oil products that trade above crude oil prices. and set a ceiling on oil prices at $45/barrel for oil products trading below crude oil prices.

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