Oil prices fall to their lowest level since January

New York. The price of Texas Intermediate oil (WTI) closed this Wednesday, down 5.7%, to $ 81.94 a barrel, its lowest price since January, due to investor fears of a possible recession, restrictions in China due to Covid-19 and a. The strongest dollar.

At the end of operations on the New York Mercantile Exchange (Nymex), West Texas Intermediate crude futures for October delivery lost $4.94 compared to the previous close.

According to the specialized website Market Watch, such a low price for US reference oil has not been recorded since last January 11.

“It appears that the risk of losing Russian energy supplies is no longer supporting oil prices, and this has caused energy investors to be caught up in demand-side motives only,” Oanda expert wrote today.

For Moya, the decline is also linked to recent trade data from China and the United States, which indicate a “sharp” drop in demand.

According to data provided today by the Bureau of Economic Analysis (BEA), imports into the United States in July decreased by 2.9% compared to June and reached $329.9 billion, a figure that reflects the trend towards moderation in consumption, which rose during the first period. 2022 months due to economic recovery.

Likewise, the appreciation of the dollar reduced the attractiveness of purchases from this North American country, and exports of US goods decreased by 300 million to 183,000 million.

October natural gas futures fell 30 cents to $7.84, and gasoline futures due in the same month were down 10 cents to $2.30 a gallon.

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