The West Texas Intermediate (WTI) With deliveries to November, it fell 1.7%, US$1.39, and stood at US$83.94 a barrel.
Both of them they interrupt two days of uploads and are headed for their worst quarterly declines since the start of the Covid-19 pandemic.
The rise of the united states ratewhich is expected to be abrupt and to do so at 75 basis points, could have a direct impact on the demand for fuels from the slowdown in economic activity.
For its part, the Organization of Petroleum Exporting Countriestogether with Russia, showed that missed its target of producing 3.583 million barrels per day in August. This represents the 3.5% of world demand of oil. The stagnation of the nuclear agreement with Iran prevents its production from returning to the market.
The dollar remains this Tuesday near its maximum two decades against six other currencies. This makes oil more expensive for buyers holding other currencies. Most of the central banks will define their monetary policy this week in view of the persistence of inflation.
Last week, the International Energy Agencyrevealed that he projected a slowdown in energy demand due to the slowdown in global economic activity, while international financial organizations recommended maintaining the rate policy. Directors of the European Central Bank they had been worried about rates entering contractionary territory.
Fears of aggressive central bank tightening continue to fuel concerns about a “rapidly weakening global economy” and put pressure on crude prices, it said. Edward Moyaa senior market analyst at OANDA, according to Reuters.
It is estimated that the US crude oil stocks they rose last week by about two million barrels, according to a Reuters poll. Vehicle movements in the United States in July fell 3.3% from a year earlier, declining for the second month in a row.
The United States Department of Energy will sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November, extending the schedule of a planned sale of 180 million barrels from the reserve to moderate fuel prices.
Source: Ambito
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