Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Oil trades below $100 amid fears of global recession

Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Oil prices fell yesterday as markets worry that aggressive interest rate hikes to stem the inflation will spur an economic downturn, further curbing the oil demand.

International benchmark Brent crude was trading at USD99.34 per barrel at 9.10 a.m. local time (0610GMT) for a 0.15 percent decrease after the previous session closed at USD99.49 a barrel.

American benchmark West Texas Intermediate (WTI) was at USD95.78 per barrel at the same time on Wednesday for a 0.06% loss, as the previous session closed at USD95.84 a barrel.

Oil prices continued to fall as central banks’ move to aggressively increase interest rates to combat the inflation raised fears of a stronger global recession.

Fears of lower global oil demand put negative pressure on prices as central banks worldwide increase interest rates to tame the inflation and a new wave of COVID-19 pandemic forces Chinese cities to take drastic action.

Market players are keeping a tight eye on US President Joe Biden’s travel to the Middle East, where he is anticipated to urge Saudi Arabia and other Gulf producers to increase their oil supply to support price stability.*PNA

ARCHIVES

Read Article by date

June 2024
MTWTFSS
 12
3456789
10111213141516
17181920212223
24252627282930

Get your copy of the Visayan Daily Star everyday!

Avail of the FREE 30-day trial.