Lower the price of oil

NY. The price of Texas intermediate oil (WTI) started the week this Monday with a drop of 1.12%, to $78.79 a barrel, after China announced on Sunday that its growth target will be around 5%, below from the one set last year, which was between 5% and 5.5%.

At 9:00 am local time, WTI futures contracts for April delivery were down $0.89 from the previous day’s close.

The reference barrel in the United States begins the week with a drop, after last year it achieved an accumulated revaluation of more than 4%, mainly due to the good economic data from China and the expectations that its demand will increase after the lifting of restrictions to contain covid-19.

However, the data published on Sunday by the Chinese authorities does not seem to have finished convincing Wall Street investors who expected more ambitious figures, despite the fact that they meet analysts’ forecasts.

“This year, it is essential to prioritize economic stability and seek growth while ensuring stability,” said the outgoing Prime Minister, Li Keqiang, during the opening of the annual session of the National People’s Congress (ANP, Legislative), before recalling that “the foundations of stable growth (still) need to be consolidated”.

Last year, although Beijing had forecast growth between 5% and 5.5%, the Chinese economy only grew 3.5% due to the harsh restrictions and confinements imposed as part of its ‘zero covid’ policy in the face of the worst waves of infections since the start of the pandemic.

Source link

Elton Gardner

Elton Gardner is a seasoned writer and editor for He is a graduate of a prestigious journalism school and has contributed to numerous newspapers and magazines. Elton is an expert in various fields, including sports, entertainment, and technology. He is widely respected for his insights and engaging writing style. As an editor, Elton oversees a team of writers and ensures the website stays current with the latest trends and breaking news. His writing is characterized by its depth, clarity, and accessibility. Elton's spare time is spent with his family, playing sports, reading, and traveling to explore new cultures. With his talent, experience, and dedication, Elton Gardner is a prominent figure in online media and will continue to make waves in the years to come.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button