WTI oil prices fell below $80 today. After closing at the highest level in nearly 7 years yesterday. Investors are concerned that global economic growth may not be smooth. which will affect energy demand.
As of 8:09 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in November. It was down 76 cents, or 0.94%, at $79.88 a barrel. After closing at $80.64 a barrel yesterday, the highest level since Oct. 30, 2014.
WTI crude oil prices have continued to rise during this period. This was driven by investors’ expectation of tighter oil supply. While the economies of different countries recovering from the impact of COVID-19
However, today China, the world’s largest crude oil importer. Revealed imports for the month of September down 15% from the same period last year. This caused investors to worry about the growth prospects of the Chinese and global economies.
Meanwhile, investors are keeping an eye on the crude stock report that the U.S. Energy Information Administration (EIA) is due to release on Thursday. Analysts in the S&P Global Platts poll predicted that U.S. crude inventories are down 500,000 barrels for the week ending Oct. 8, while gasoline inventories are expected to drop 400,000 barrels and distillates are down 800,000 barrels.
.
