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[size=36]Oil prices fall as fears of an economic recession grow[/size]
Economie| 09:10 - 07/19/2022
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Baghdad - Mawazine News
: Oil prices fell, on Tuesday, after they jumped more than five dollars a barrel in the previous session, with the decline in the dollar supporting the interest of buying, and thanks to expectations that the interest rate hike in the US Federal Reserve may be less than it was imagined, but the fear of Recession led to a decline in prices.
Brent crude futures for September settlement were down 44 cents at $105.83 a barrel by 04:46 GMT, and the contract rose 5.1 percent on Monday, the biggest percentage gain since April 12.
West Texas Intermediate crude futures for August delivery fell 43 cents to $102.17 a barrel. The contract rose 5.1 percent on Monday, the biggest percentage gain since May 11.
Both benchmarks posted a weekly decline of more than 5% last week.
Oil prices have fallen among supply concerns as Western sanctions over Russian crude and fuel supplies disrupt trade flows to refiners and end users and growing concerns that central bank efforts to tame rising inflation could lead to a recession that would reduce future demand for the fuel.
Two US Federal Reserve officials indicated last week that the central bank is likely to raise interest rates by only 75 basis points at its July 26-27 meeting.
The lesser rise may mean a decrease in the economic crisis that will reduce the demand for fuel. Ended 29 / AD 99
: Oil prices fell, on Tuesday, after they jumped more than five dollars a barrel in the previous session, with the decline in the dollar supporting the interest of buying, and thanks to expectations that the interest rate hike in the US Federal Reserve may be less than it was imagined, but the fear of Recession led to a decline in prices.
Brent crude futures for September settlement were down 44 cents at $105.83 a barrel by 04:46 GMT, and the contract rose 5.1 percent on Monday, the biggest percentage gain since April 12.
West Texas Intermediate crude futures for August delivery fell 43 cents to $102.17 a barrel. The contract rose 5.1 percent on Monday, the biggest percentage gain since May 11.
Both benchmarks posted a weekly decline of more than 5% last week.
Oil prices have fallen among supply concerns as Western sanctions over Russian crude and fuel supplies disrupt trade flows to refiners and end users and growing concerns that central bank efforts to tame rising inflation could lead to a recession that would reduce future demand for the fuel.
Two US Federal Reserve officials indicated last week that the central bank is likely to raise interest rates by only 75 basis points at its July 26-27 meeting.
The lesser rise may mean a decrease in the economic crisis that will reduce the demand for fuel. Ended 29 / AD 99
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