Crude oil prices fall due to fall in demand for oil

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Oil prices fell on Wednesday as markets focused on signs of weakening US demand rather than the threat of an escalation in the Ukrainian conflict.

(Gas production dropped in July and oil production increased compared to 2021).

barrel of Brent for delivery in november $89.83, down 0.87%. closed on,

Benchmark European crude had not ended below $90 for almost two weeks.

Barrel in New York wtiAlso for delivery in November, on its first day as a reference contract, It was down 1.19% at $82.94.

During the session, WTI settled near $81.20, its lowest level since January, having been reached in early September.

(Oil falls for fear of a Fed rate hike).

Prices rose in the first day after President Vladimir Putin announced mobilization “partial” Talked about using some 300,000 reservists and nuclear weapons “Protect Russia”.

Brent gained 3.17% and WTI 3.26% after the Russian leader spoke. But the trend reversed when the United States reported it added 1.1 million barrels to its commercial reserves, twice as much as analysts expected.

(cereals, oil and fertilisers, among the most imported inputs).

already less, When the United States Federal Reserve (Fed) raised rates again to 0.75% to combat inflation, prices fell. He promised to maintain a tight monetary policy and predicted economic growth would drop to almost zero this year.

The Fed’s decisions and forecasts fell at a time when the winds of recession are blowing in the world.

AFP



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