Texas oil falls 2.6% and closes at 76.71 dollars a barrel

Texas oil falls 2.6% and closes at 76.71 dollars a barrel

New York, Sep 26 (EFE).- The price of Texas intermediate oil (WTI) closed this Monday with a drop of 2.6% and stood at 76.71 dollars, thus continuing below 80 dollars a barrel after the bump he suffered last Friday.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in November subtracted 2.03 dollars from the previous close.

Investors are once again concerned about the threat of a global recession and the interest rate hikes announced by various central banks.

The US benchmark oil on Friday fell 5.7%.

This Monday, the US dollar rose to a maximum not seen since 2002, which does not favor US black gold, making it less competitive.

The fear of a possible global recession became more palpable among investors after last week the United States Federal Reserve (Fed) raised interest rates by 75 basis points and moved to a range between 3% and 3.25%, the highest level in the last 14 years.

The Bank of England also raised UK interest rates by 0.50 percentage point to 2.25%, its highest level since December 2008.

However, many bullish factors remain in play, such as the war in Ukraine, the blocking of the nuclear agreement with Iran that is linked to the return of Iranian oil to international markets and the possibility that OPEC countries reduce their output in a current moment of tense balance between supply and demand.

Natural gas futures contracts for October added 7 cents to $6.90, and gasoline futures due the same month gained nearly 1 cent to $2.38 a gallon.

(c) EFE Agency

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