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Fears of a slowdown in the global economy as a result of falling oil prices
Economical 07/04/2023
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Capitals: Agencies
Oil prices fell in early Asian trading yesterday, Monday, as fears of a global economic slowdown and the possibility of the Federal Reserve (the US Central Bank) raising interest rates were met with expectations of a reduction in supplies in light of the cuts announced by the OPEC + group.
Brent crude futures fell 20 cents, or 0.3 percent, to $ 75.21 a barrel by 0044 GMT, after settling up 0.8 percent last Friday.
US West Texas Intermediate crude fell 23 cents, or 0.3%, to $70.41, after closing up 1.1% in the previous session.
Brent fell for the fourth consecutive quarter at the end of June, while WTI crude recorded a second quarterly decline, as the world's two largest economies, the United States and China, slowed in the second quarter.
Fears of a further slowdown hurting fuel demand grew after data on Friday showed that U.S. inflation was still above the central bank's 2 percent target and raised expectations that it would raise interest rates again.
"The hawkish comments on interest rates continue to raise concerns about the demand outlook affecting prices," National Australia Bank analysts said in a note.
Higher interest rates would strengthen the US currency, making commodities more expensive for holders of other currencies and also reduce demand for oil.
Some analysts expect reduced supplies and higher prices in the second half of the year after Saudi Arabia, the world's largest oil exporter, pledged to cut output by about 1 million barrels per day more in July.
Meanwhile, the United States is gradually renewing its strategic oil reserves.
A Reuters survey showed that OPEC's oil production fell only slightly in June, as production increases in Iraq and Nigeria offset the impact of cuts from
other producers.
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