Texas oil falls 3.8% and closes at .10 a barrel

Texas oil falls 3.8% and closes at $85.10 a barrel

New York, Sep 14 (EFE) .- The price of Texas intermediate oil (WTI) closed this Thursday with a drop of 3.8%, to 85.10 dollars a barrel, with investors once again worried about the fear to a drop in global demand.

At the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in October subtracted 3.38 dollars from the previous close.

So black gold lost yesterday’s gains and returned to the downtrend from earlier this week.

Yesterday, the International Energy Agency (IEA) revised its forecasts for global oil demand for this year slightly downwards, specifically 110,000 barrels per day less than a month ago.

Its experts calculate that in 2022 the average consumption will be 100.1 million barrels per day, 4.8 million more than last year. In 2023, the increase will be 1.7 million barrels per day to 101.8.

The fact that the dollar is getting stronger, does not help the price of crude either.

However, on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) assured that global oil demand in 2022 and 2023 will be stronger than forecast as major economies are doing better than expected despite challenges such as rising inflation.

In March, crude rose close to all-time highs after the Russian invasion of Ukraine and supply concerns, but is now seeing the opposite effect due to recession fears and weaker demand.

Natural gas futures contracts for October were down 79 cents to $8.32, and gasoline futures due the same month were down more than 9 cents to $2.42 a gallon.

READ ALSO :   Repsol drills key levels with the falls in crude oil and it does not look good at all

(c) EFE Agency

Newsletter Updates

Enter your email address below to subscribe to our newsletter