The World and Crude Oil
West Texas Intermediate declining after reducing the growth rates in East Asia’s developing nations this year and next. The said region must boost efforts to ensure financial stability ahead of interest-rate increases in advanced economies.
Chinese GDP growth rate declined to 7.6 instead of 8.3 for this year and 7.1 instead of 7.8 for the next year. The second biggest economy in the world reducing its GDP and reducing its oil consumption thus it may be one of the main reasons of the WTI prices declining.
However, weather changes this year and it effects with Tropical Storm Karen, this storm hit all the Southeastern American Gulf Coast reached to Washington D.C. with its full heavy rain carriage to create water and landfalls all over the coast side.
It will cause additional load on the U.S. economy sense the partial shutdown became full shutdown in the Southeastern States to reduce private productivity and consumption. And for this, the U.S. came closer to breaching its debt ceiling.
Crude Oil reached $102.5 per barrel in the first day of the week and high as $103.59 per barrel.