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WTI holds below $70.00 amid demand concerns
West Texas Intermediate (WTI), the US crude Oil benchmark, is trading around $69.75 on Friday. WTI price edges lower to a fresh 2024 low amid worries about demand in the US and China. However, the delay in OPEC+ oil output increase and a rise in large crude oil inventory draw might help limit WTI’s losses. The concerns about the Chinese sluggish economy and oil demand undermine the WTI prices as China is the world’s largest importer of crude oil. The weaker-than-expected Chinese NBS Manufacturing PMI released on the weekend and the softer Caixin Manufacturing PMI on Wednesday contributed to the WTI’s downside. ... (full story)
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- Posted: Sep 5, 2024 10:47pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 84
