New York, Apr 26 (EFE).- The price of Texas intermediate oil (WTI) fell 3.6% this Wednesday and closed at $74.30 a barrel, when investors analyze possible new interest rate increases and they are worried about a possible recession.
At the close of business in New York, a barrel of WTI for June delivery lost $2.77 compared to the previous day’s close.
US consumer confidence fell to a nine-month low in April as concerns about the future mounted, raising the risk of the economy slipping into recession this year.
Investors are once again concerned about a possible economic recession and are considering whether the United States Federal Reserve (Fed) could raise interest rates again at its meeting in early May.
“At below $80 a barrel on concerns about weaker demand, prices look set to return to recent lows,” Michael Hewson, chief market analyst at CMC Markets UK, told Market Watch. .
Additionally, today the International Energy Agency (IEA) announced that electric vehicles will reduce oil demand by 5 million barrels per day starting in 2030.
The share of electric vehicles in global vehicle sales is projected to rise to about 14% in 2022 when the figures are released, up from just 4% in 2020.
The Energy Information Administration reported Wednesday that US commercial crude inventories fell by 5.1 million barrels during the week ending April 21.
On average, analysts are forecasting a drop of 2.3 million barrels, according to a survey by S&P Global Commodity Insights.
On the other hand, June natural gas futures contracts fell $0.19 to $2.11, and June gasoline futures fell $0.03 to $2.54.
