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[size=36]Expectations of weak global economic growth lower oil prices by about 5%[/size]
Economie| 09:14 - 23/04/2022
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Follow-up - Mawazine News
: Oil prices fell, and recorded a weekly loss of about 5%, affected by expectations of weak global economic growth, raising interest rates and restrictions to combat Covid-19 in China, which negatively affected demand, although the European Union is considering banning Russian oil imports.
Brent crude fell $1.68, or 1.6 percent, when it settled to $106.65 a barrel. US West Texas Intermediate crude fell $1.72, or 1.7 percent, to settle at $102.07 a barrel.
The International Monetary Fund this week lowered its forecast for global economic growth, while Federal Reserve Chairman Jerome Powell said on Thursday that a half-point increase in the interest rate would be an option at the bank's next meeting in May.
Brent price reached $139 a barrel last month, the highest level since 2008, but the two benchmarks recorded weekly losses of about five percent each. Ended 29/N33
: Oil prices fell, and recorded a weekly loss of about 5%, affected by expectations of weak global economic growth, raising interest rates and restrictions to combat Covid-19 in China, which negatively affected demand, although the European Union is considering banning Russian oil imports.
Brent crude fell $1.68, or 1.6 percent, when it settled to $106.65 a barrel. US West Texas Intermediate crude fell $1.72, or 1.7 percent, to settle at $102.07 a barrel.
The International Monetary Fund this week lowered its forecast for global economic growth, while Federal Reserve Chairman Jerome Powell said on Thursday that a half-point increase in the interest rate would be an option at the bank's next meeting in May.
Brent price reached $139 a barrel last month, the highest level since 2008, but the two benchmarks recorded weekly losses of about five percent each. Ended 29/N33
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