Oil prices continue to fall as investors assess the risk of a recession

Continued Oil prices fell today, ThursdayAs it fell more than 2%, investors reevaluated the risk of recession and demand for fuel, with major economies raising interest rates.

Brent crude was down $ 2.5 or 2.3 percent at $ 109.22 a barrel.

According to Reuters, the median crude futures for West Texas in the US fell $ 2.6 or 2.7 percent to $ 103.46 a barrel.

After falling nearly 3% in the previous session, benchmark crude traded lower to $ 3 a barrel in early Asian trade.

Both are at their lowest level since mid-May.

While trying to control inflation by raising interest rates, central banks continue to appreciate how much investors need to worry about the possibility of pushing the global economy into recession.

“Oil markets were under pressure as investors worried that raising US interest rates would destabilize the economy and weaken fuel demand,” said Kazuhiko Saito, chief analyst at Fujidomi Securities.

For his part, the head of the Federal Reserve (US Federal Reserve), Jerome Powell, said on Wednesday that the bank was not trying to contain the recession as it tried to control inflation, but was fully committed to keeping prices in check. This raises the risk of recession.

“The supply side may see a larger-than-expected increase as more information emerges that proves that Russian crude supplies are less affected by sanctions than most people previously thought,” Haidong Futures analysts wrote.

Russian President Vladimir Putin said on Wednesday that Moscow was changing the course of trade and oil exports to countries from the BRICS group of emerging economies due to Western sanctions.

See also  Global Flexible Engineering Foam Market Maturity and Expansion (Chemicals & Products Industry) - BASF SE (Germany) Dow Chemical Company (USA), Bayer AG (Germany)

In May, China’s Russian crude oil imports rose by a record 55 percent over the previous year.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 133 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Find the Best Online Casinos in the UAE

    How to Find the Best Online Casinos in the UAE

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa