❗️Concerns Over China's Economy and OPEC+ Cuts Weigh on WTI Crude Oil❗️
The Western Texas Intermediate (WTI) crude oil benchmark trades around $72.30, facing selling pressure due to concerns about OPEC+ supply cuts and China's worsening demand outlook. Moody’s recent downgrade of China’s sovereign credit rating to negative, citing growth risks and a property crisis, contributes to the pessimistic economic outlook.
Despite OPEC+ agreeing on voluntary supply cuts for Q1 2024, including extensions by Saudi Arabia and Russia, doubts about the effectiveness of output reductions restrain WTI prices. Additionally, the US API reports a surprise increase of 594,000 barrels in crude oil inventories, deviating from the expected draw.
#WTI#
#OPEC#
#Moody's#
#SaudiArabia#
#API交易商交易返钻#
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