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Low oil prices with fear of a slowdown in the global economy
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Economy News _ Baghdad
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Added 2023/02/27 - 8:30 AM
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Economy News _ Baghdad
Oil prices fell today, Monday, after a slight rise in early trading amid fears of a global economic slowdown, while Russia's plans to reduce oil supply to support prices greatly limited losses.
US West Texas Intermediate (WTI) crude futures were trading at $76.10 a barrel, down 22 cents, or 0.29%, while Brent crude futures fell 29 cents, or 0.35%, at $82.87 a barrel at 04:25 GMT. .
Oil inventories in the United States reached their highest levels since May 2021, while the US Federal Reserve meeting indicated further monetary tightening and a strong increase in the dollar last week, which portends a slowdown in the global economy.
Significantly limiting the losses were Russia's plans to cut its oil exports from its western ports by as much as 25% in March versus February, exceeding previously announced production cuts of 5% of its production for the month.
Some oil analysts believe that oil wants to stay in a specific trading range with the reopening of COVID in China and how bad the recession the Federal Reserve is causing to the US economy.
Views 79
Added 2023/02/27 - 8:30 AM
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