New York.- Texas Intermediate oil (WTI) fell 2.63% this Thursday, to 99.74 dollars per barrel. At 09:00 local time (13:00 GMT), WTI futures contracts for October, the benchmark in the United States, were down 2.69 dollars from the previous close.
The crude oil market reacted downward following reports suggesting that Saudi Arabia had offered additional crude cargoes through Oman.
You may be interested in: Texas oil rises 4.4% and reaches its highest closing price since May
U.S. investors watched with concern the development of the East-West pipeline, temporarily closed by Saudi Arabia following a drone attack launched from Iraq.
Furthermore, the move coincides with the Federal Reserve’s (Fed) decision to raise interest rates by a quarter of a percentage point, to a range between 3.75% and 4%.
More Read
The rise in oil, the first since July 2023, comes after months of soaring crude prices, persistent high inflation, and rapid job growth in the United States.
Eric Winograd, US chief economist for AllianceBernstein, stated in a report that the central bank could be forced to continue raising the price of money if the price of crude oil does not fall.
“To the extent that oil prices remain high and are passed on to general prices, the Fed could be forced to raise rates more than is currently expected,” noted Winograd.
