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[size=30]Two opposing factors drive oil prices to fluctuate
2023-01-17
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Yassin Iraq: Follow-up
Recession fears that dominated the meeting of the World Economic Forum in Davos led to the fluctuation of oil prices, with counter possibilities indicating a recovery in fuel demand in China.
Brent crude futures rose 17 cents, or 0.20 percent, to $84.63, while US West Texas Intermediate crude futures fell 57 cents, or to $79.26.
In a bearish poll released at the Davos summit, two-thirds of the private and public sector economists surveyed predicted a global recession this year, with around 18% believing it to be "very likely".
"Brent crude has risen about 10% over the past 10 days as optimism about China's reopening boosted sentiment. However, the outlook for the rest of the global economy is uncertain," energy analysts said.
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