After two consecutive earnings presentation, The oil goes down.
On this Tuesday, September 6th, Brent and West Texas Intermediate (WTI) crude prices fell more than 2% Regarding yesterday’s closing, September 5th.
The decline in oil futures It is the result of concerns about weak demand, As well as the perspective Sharper hikes in interest rates.
Additionally, last Monday, The Organization of the Petroleum Exporting Countries (OPEC +) and its allies (OPEC +) announced a cut in crude oil production by 100,000 barrels per day for the month of October. Being his first cut since 2020.
“OPEC + news is already on the market and Focus temporarily shifted to economic and inflation concerns, Among the relevant factors, the extension of COVID lockdowns in China and the European Central Bank’s interest rate decision on Thursday. They certainly raise fears of destroying demand.“, Tamas Varga said from the brokerage best playeraccording to information collected by Millennium News.
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According to the latest update of Oil price chartsa famous site with more than 150 indexes and oil blends all over the world, For Tuesday, September 6th barrel of crude oil Brent is trading at $93.56, While the American equivalent, West Texas Intermediate is $87.22.
Prices for both references decreased more than two percentWell, it was the same during yesterday $95.88 for Brent and $89.42 for WTI.