Oil futures contracts closed lower on Thursday (8) pressured by the prospects of a slowdown in the global economy. The stoppage of activities at the Keystone oil pipeline in the USA and the bottlenecks of oil tankers in Turkey even influenced business, but did not sustain price increases.
On the New York Mercantile Exchange (Nymex), WTI oil for January 2023 closed down 0.76% ($0.55) at $71.46 a barrel, while Brent for February traded at Intercontinental Exchange (ICE) closed down 1.32% (US$ 1.02), at US$ 76.15 a barrel.
This Thursday, the chief economist at the Institute of International Finance (IIF), Robin Brooks, pointed out that the slowdown in the global economy tends to lead to further falls in oil prices in the world.
“The decline in oil and talk of the potential response (to the price cap for fuel in Europe) has been a very cyclical move, we have seen weaker demand.”
Earlier, TC Energy said it had shut down the Keystone pipeline in response to a confirmed oil spill in a creek. The news gave breath to WTI oil, which traded higher during the morning, moving into negative territory in the early afternoon.
Still, the number of tankers bottled up in the Bosphorus Strait rose from 16 to 19, according to a report by Reuters🇧🇷 The bottleneck in the Turkish Straits resulted from a dispute between a group of marine insurers and the Turkish authorities.
On Thursday, Turkey said it would continue to block tankers without proper insurance letters and that it needed time to carry out checks.
In a report to clients, Oxford Economics notes that the oil ceiling could generate unexpected effects, even triggering an increase in the price of the commodity and more power for Russia in defining the values of the commodity.
Also on the radar of investors is the easing of China, one of the largest exporters of the commodity. According to a report by CCTVthe country’s state media, China’s Premier Li Keqiang assured this Thursday that, with the implementation of optimization and adjustment measures, China’s economic growth will continue.
Source: CNN Brasil
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