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[size=36]Inflation fears drop oil prices to more than 1%[/size]
Economie| 12:16 - 12/05/2022
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Follow-up - Mawazine News:
Oil prices fell more than 1%, in a volatile week, as economic fears and fears of recession negatively affected global financial markets, in a way that outweighed concerns about supplies and tension in Europe.
Oil prices are under pressure this week, along with global financial markets, amid concerns about rising interest rates, the dollar's rise to a two-decade high, and worries about inflation and a possible recession. The prolonged lockdown to combat COVID-19 in China, the world's largest importer of crude, has also affected the market.
However, the market received a boost thanks to supply concerns from the Russo-Ukrainian war, with prices rising more than 35% since the beginning of the year. Prices are also receiving support from a ban under consideration in the European Union for Russian oil, a major supplier of crude and fuel to the bloc, which could lead to a further decline in global supplies.
The European Union is still haggling over the details of the Russian ban, and approval of the ban needs consensus, and it was postponed because Hungary opposes the ban because it would be very damaging to its economy.
Brent crude futures fell $1.25, or 1.2 percent, to $106.26 a barrel, and US West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
On Wednesday, oil prices jumped 5% after Russia imposed sanctions on 31 companies in countries that were sanctioned after the invasion of Ukraine.
This caused concern in the market at a time when the flow of Russian natural gas to Europe through Ukraine fell by a quarter. This is the first time that exports through Ukraine have been disrupted since the war began.
Concerns about deteriorating demand in China, which is trying to curb the spread of the Corona virus, also curbed the rise in prices.
The US Energy Information Administration said that commercial crude stocks in the United States rose last week due to a record withdrawal of oil from the strategic reserves.
Oil prices fell more than 1%, in a volatile week, as economic fears and fears of recession negatively affected global financial markets, in a way that outweighed concerns about supplies and tension in Europe.
Oil prices are under pressure this week, along with global financial markets, amid concerns about rising interest rates, the dollar's rise to a two-decade high, and worries about inflation and a possible recession. The prolonged lockdown to combat COVID-19 in China, the world's largest importer of crude, has also affected the market.
However, the market received a boost thanks to supply concerns from the Russo-Ukrainian war, with prices rising more than 35% since the beginning of the year. Prices are also receiving support from a ban under consideration in the European Union for Russian oil, a major supplier of crude and fuel to the bloc, which could lead to a further decline in global supplies.
The European Union is still haggling over the details of the Russian ban, and approval of the ban needs consensus, and it was postponed because Hungary opposes the ban because it would be very damaging to its economy.
Brent crude futures fell $1.25, or 1.2 percent, to $106.26 a barrel, and US West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
On Wednesday, oil prices jumped 5% after Russia imposed sanctions on 31 companies in countries that were sanctioned after the invasion of Ukraine.
This caused concern in the market at a time when the flow of Russian natural gas to Europe through Ukraine fell by a quarter. This is the first time that exports through Ukraine have been disrupted since the war began.
Concerns about deteriorating demand in China, which is trying to curb the spread of the Corona virus, also curbed the rise in prices.
The US Energy Information Administration said that commercial crude stocks in the United States rose last week due to a record withdrawal of oil from the strategic reserves.
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