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    Home»Business»WTI crude oil slides below $80 for first time since September (NYSEARCA:USO)
    Business

    WTI crude oil slides below $80 for first time since September (NYSEARCA:USO)

    Todd LivingstonBy Todd LivingstonNovember 18, 2022No Comments1 Min Read
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    Data analysis in the energy market: charts and expressions displayed.  Analysis of US WTI crude oil prices.  Amazing depreciation over the last 20 years.

    SlavkoSereda/iStock via Getty Images

    US West Texas Intermediate crude oil futures (CL1:COM) are the lowest since September 30, with the December contract. -2.2% up to $79.86/bbl; Brent crude (CO1: COM) also traded lower, -2.1% at $87.88/bbl.

    ETFs: (NYSEARCA: WORK), (UCO), (BNO), (SCO), (USL), (DBO), (USOI), (NRGU)

    There is little new news, but experts say the rise in COVID-19 cases in China has also fueled concerns about energy demand.

    China’s State Council has warned cities to avoid the “reckless release” of COVID-19 measures, according to South China Morning Post.

    The dollar was little changed on Friday following a three-month low earlier this week, but more hawkish rhetoric from Federal Reserve officials continued to support financial markets.

    The risks of a recession have been weighing on the oil market recently despite the European Union’s curbs on Russia’s expansion and OPEC’s efforts to tighten.

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    Todd Livingston

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