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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Oil prices fall amid fears of global recession and weak demand

rocky
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Oil prices fall amid fears of global recession and weak demand Empty Oil prices fall amid fears of global recession and weak demand

Post by rocky Sat 15 Oct 2022, 4:32 am

[size=35][size=35]Oil prices fall amid fears of global recession and weak demand[/size]
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Economie

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2022-10-15 | 02:46
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Oil prices ended the week's trading on a strong decline, amid strong fears of a global recession and weak demand for oil, especially in China, which exceeded the support that prices received from the OPEC + production target, a significant reduction.



During trading on Friday, Brent crude futures fell $2.94, or 3.1 percent, to settle at $91.63 a barrel, while US West [url=https://www.alsumaria.tv/Entity/2861960649/%D8%AA%D9%83%D8%B3%D8%A7%D8%B3 %D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7%D8%A9/ar/]Texas Intermediate[/url] crude futures fell $3.50, or 3.9 percent, to $85.61.






Both Brent and West [url=https://www.alsumaria.tv/Entity/2861960649/%D8%AA%D9%83%D8%B3%D8%A7%D8%B3 %D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7%D8%A9/ar/]Texas Intermediate[/url] contracts fluctuated between high and low for most of the Friday session.

Over the course of the week, Brent crude fell by 6.4 percent, while WTI fell by 7.6 percent.

[You must be registered and logged in to see this link.] inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.
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A survey showed that US consumer sentiment continued to improve steadily in October, but household inflation expectations eased slightly.

The dollar index rose by about 0.8 percent. A stronger dollar reduces demand for oil by making fuel more expensive for buyers who use other currencies.

On Thursday, the [url=https://www.alsumaria.tv/Entity/2512591487/%D8%A7%D9%84%D9%88%D9%83%D8%A7%D9%84%D8%A9 %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9 %D9%84%D9%84%D8%B7%D8%A7%D9%82%D8%A9/ar/]International Energy Agency[/url] lowered its forecast for oil demand for this year and next, warning of a possible global recession.

The market is still absorbing a decision issued by the Organization of Petroleum Exporting Countries ([You must be registered and logged in to see this link.]) and its allies, in what is known as [You must be registered and logged in to see this link.] +, when they announced a cut of two million barrels per day from oil production targets.

The [url=https://www.alsumaria.tv/Entity/2512591487/%D8%A7%D9%84%D9%88%D9%83%D8%A7%D9%84%D8%A9 %D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9 %D9%84%D9%84%D8%B7%D8%A7%D9%82%D8%A9/ar/]International Energy Agency[/url] estimates that the lack of production among the countries of the group means the possibility of reducing production by one million barrels per day.

Oil prices were also supported by a sharp decline in US distillate inventories, although US crude oil inventories are larger than expected.

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