New York’s West Texas Intermediate (WTI) crude futures closed positive on Monday (June 13), bolstered by views that global oil supplies remained tight. fluctuating Because investors are worried that China’s return to control measures against COVID-19 rigorous again in Beijing will affect the demand for oil in the country
- The WTI crude oil contract was delivered in July. It was up 26 cents, or 0.2%, at $120.93 a barrel.
- The Brent crude oil contract (BRENT) delivered in August. It was up 26 cents, or 0.2%, at $122.27 a barrel.
An analyst at UBS said: Oil prices were driven by tight supply in the market. due to the Organization of the Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus Still unable to increase oil production according to the agreement. In addition, the European Union’s ban on Russian oil imports will further tighten global oil supply in the coming months.
However, oil markets were under pressure as Beijing announced a lockdown on Chaoyang, Beijing’s most populous district. and ordered carpets to test for COVID-19 big time to control the epidemic The measure has raised concerns among investors that economic activity and demand for oil in China will slow.
In addition, the trading atmosphere in the oil market was also pressured by concerns that The US economy will face a recession as the Federal Reserve (Fed) accelerates interest rate hikes.
Analysts from several firms, including Barclays and Jefferies, had forecasts. The Fed will raise interest rates by 0.75% at its June 14-15 meeting after the U.S. consumer price index (CPI), a measure of inflation based on consumer spending, jumped 8.6 percent in November. Aug. Yearly That was the highest level in more than 40 years and beat analyst expectations of 8.3%.
Investors Keep an Eye on the Weekly US Crude Stock Report The US Energy Information Administration (EIA) will release the information tomorrow at 9:30 p.m.
By InfoQuest News Agency (14 Jun 65)
Tags: lifestyle, WTI oil, crude oil, oil prices
