WTI is down 0.82% this morning, and the market is concerned about slowing Chinese oil demand.
InfoQuest – West Texas Intermediate crude oil prices fell this morning. It continued to decline as of Friday (March 8) as investors were still concerned about slowing oil demand in China.
At 9:52 AM Thailand time, the West Texas Intermediate (WTI) crude oil contract will be delivered in April. Crude fell 64 cents, or 0.82%, to $77.37 a barrel.
West Texas Intermediate crude futures fell more than 1% on Friday and were down 2.5% last week. The oil market was subjected to pressure from China, which revealed this. China set the economic growth target for this year at about 5%, a level that many analysts expect will not provide much stimulus.
Information released last week indicates that China's crude oil imports increased in the first two months of this year. Compared to the same period last year, but less than the previous month. This indicates a downward trend in oil purchases by China, the world's largest oil buyer.
There are concerns about slowing oil demand in China. Positive factors were extracted from the agreement of the OPEC+ group led by Saudi Arabia and Russia to extend voluntary oil production cuts by 2.2 million barrels per day in the second quarter.
“Reader. Infuriatingly humble coffee enthusiast. Future teen idol. Tv nerd. Explorer. Organizer. Twitter aficionado. Evil music fanatic.”