WTI oil price accumulated weekly loss

WTI oil price accumulated weekly loss
WTI oil price accumulated weekly loss

The drop in the price this Friday, equivalent to 1.7 percent, placed the barrel at 102.07 dollars at the end of the session.

Specialized sources commented that the market reacted negatively to the upcoming rise in interest rates in the United States and the lockdowns due to Covid-19 in China due to their impact on the global economy.

Jeffrey Halley, an expert at the Oanda firm, said in this regard that these factors neutralized the upward effect on the price of crude oil that the possible sanction of the European Union against the Russian energy sector would generate.

The price of WTI, the reference oil in the United States, was subject to the influence of news of opposite signs during the stage.

In this sense, it is worth mentioning the decline in global economic growth forecast by the International Monetary Fund, and other bullish ones, including the interruption in supply from Libya and the drop in US crude oil inventories in the previous week.

While in this market, natural gas contracts for delivery in May fell 42 cents to 6.53 dollars per thousand cubic feet.

In turn, those of gasoline, with a supply date in that month, lost more than three cents, quoted at closing at 3.30 dollars a gallon.

On the other hand, in the London market, the price of a barrel of Brent oil, the benchmark in Europe, dismissed operations at 106.52 dollars, which meant a decline of 1.92 dollars, or 1.77 percent .

Analysts also agreed that the spike in prices in recent months has begun to produce signs of demand destruction, which has capped a further upswing this week.


The article is in Spanish

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