The Texas Intermediate Oil (WTI) price ended this Monday, October 24th, down 0.54% to $84.58 a barrel after rising throughout the day on the back of a renewed decline started with a decline of over 2% had fears of a Global recession.
At the end of the operations in the New York Trade Exchange (Nymex), WTI futures contracts for December delivery fell $0.47 from the previous close.
The benchmark oil United States of America had started the day with a big drop of 2.33%, coinciding with the release of several economic data releases on China that were met with mixed feelings.
On the one hand, aspects such as the gross domestic product (GDP) for the third quarter, which grew by 3.9% qoq, exceeded analysts’ expectations and also the industrial activity or the construction sector experienced an upswing, but the service sector did not end the flight yet , as the consulting firm Capital Economics notes.
The economic situation also deteriorated in October with the number of areas with cases of COVID-19 already at similar levels to the peak regrowth of the previous spring caused by the contagious Omicron variant.
The General Administration of Customs also released data on yuan-denominated trade between China and the rest of the world, which grew 8.3% year-on-year in August, with exports growing much faster than exports. imports (10.7% vs. 5.2%).
With information from EFE.