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U.S. WTI crude oil prices closed at their lowest level since Feb. 2 on Aug. 4

 Last Update: 2023-02-05
 Source: Internet
 Author: User

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According to Dow Jones on August 4, the US benchmark WTI crude oil price closed at its lowest level since Feb.
2 on Thursday, falling 2.
3% to $
88.
54 a barrel.
Investors continued to dump commodities
due to weak fuel demand and concerns about the global and U.
S.
economies.
Analysts at Ritterbusch & Associates said in a research note that the U.
S.
WIT front-month contract fell below the 200-day moving average, adding that it was equally important that the WTI futures curve continued to fall near freefall, narrowing spot spreads to around 1.
70 cents a barrel
, up from about $6.
00 a barrel just a few weeks ago.
The weakness of the curve continues to indicate that there is a lot of speculative clearance
in the oil sector.

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