Sunday, August 23, 2015

Texas Oil falls below $ 40 a barrel – Digital Journal Juarez

New York – The Texas oil price (WTI) continues to fall in New York and during the day has come trading below $ 40 a barrel, something that has not happened since 2009.

During operations on the New York Mercantile Exchange (Nymex), the WTI has come to fall to $ 39.86 a barrel, less than an hour from the close was down 2.73 percent , to $ 40.21.

The contracts for WTI crude futures for October delivery, the new reference month, the minimum marked amid the great crisis of oversupply of oil that exists internationally.

The excess supply still can not find solution while the countries of the Organization of Petroleum Exporting Countries (OPEC) decided not to cut production, and yesterday, precisely, the “Wall Street Journal “published an article entitled” No view at the end of excess oil. “

On the verge of closing a new week of setbacks, the Texas oil would add an eighth straight week of losses, something that did not happen since 1986.

In addition to the internal crisis in the energy sector, the price of fuel was hit by a wave of falling prices worldwide caused by concerns about the state of the economy China.

Yesterday was announced the purchasing manager Index (PMI) of China’s industrial sector in August prepared by the financial magazine “Caixin” which showed a decline in manufacturing activity in the Asian giant not seen since 2009.

The preliminary data show that manufacturing activity in the second largest economy shrank in August to 47.1 points, well below the 50 points separating the boundary between expansion and retreat.

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