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Texas oil falls 0.6% after downward growth prospects

Texas oil falls 0.6% after downward growth prospects


The price of Texas intermediate oil (WTI) closed on Tuesday with a drop of 0.6% and stood at $ 58.34 a barrel, a decline that analysts link above all to the downward revision of global economic growth by the International Monetary Fund.

At the end of the operations with live voice in the New York Mercantile Exchange (Nymex), the WTI futures contracts for delivery in February subtracted 20 cents from the previous session on Friday, since yesterday was a holiday in the United States.

WTI oil prices ended down on Tuesday because investors are worried about the increase in world supplies and especially about a possible slowdown in global economic growth.

The International Monetary Fund (IMF) yesterday lowered its growth forecasts of the global economy slightly to 3.3% in 2020 and 3.4% in 2021, mainly due to a slowdown greater than expected in India and the impact of a growing social unrest.

The IMF chief economist, Gita Gopinath, said that the recovery of world growth remains uncertain, since it depends largely on stressed and low-yield emerging economies.

However, he also highlighted some positive elements, such as the feeling that manufacturing activity and international trade have bottomed out and can only be traced.

In this context, gasoline futures contracts expiring in February fell by about one cent, to $ 1.63 a gallon, and natural gas contracts, expiring the same month, subtracted about eleven cents, up to 1.89 dollars per thousand cubic feet.

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