value of Texas Intermediate Oil (WTI) opened this Friday, 23 September, with a deep fall of 3.33%, at US$80.71 a barrel, with investors once again worried about the threat of a global recession and interest rate hikes by various central banks. .
As of local New York time (13:00 GMT), WTI futures contracts for October delivery were down $2.78 from the close of the previous session.
US benchmark oil, which closed in positive yesterday, A new weekly global in the red is on the way to closeThe price of a barrel ended at US$85.11 since last Friday.
“Central banks now recognize that a recession is a price to be paid to control inflation, which could affect demand next year,” Oanda analyst Craig Erlam told EFE news agency.
on this wednesday United States Federal Reserve (Fed) raised interest rates by 75 basis points to between 3 and 3.25%, the highest level in the last 14 years.
Similarly, the Bank of England raised 0.50 percentage points a day later to 2.25% in the United Kingdom, its highest level since December 2008.
Investors fear aggressive central banks will hit consumer spending, including fuelAnd this leads the economy to a recession at a general level.
Although there are several acceleration factors at play, such as ukrainian war, stalling the nuclear deal with Iran, which has been linked to the return of Iranian oil to international markets and the possibility that OPEC countries could reduce their output in the current times of a tense balance between supply and demand. The slowdown seems to have taken a toll on investor sentiment this morning itself.
with info from ef