Oil prices fell today, Friday, on fears of a global recession and weak fuel demand: Brent crude futures plunged $ 2.52, or 2.7 percent, to $ 92 .05 a barrel, and West Texas Intermediate crude oil was $ 2.97, or 3.3 percent to $ 86.14 a barrel.
Sharjah 24 – Reuters:
Oil prices plunged today, Friday, as fears of a global recession, as well as weak demand for fuel, especially in China, outstripped the support that prices found from a significant reduction in “OPEC +” production.
Brent crude futures fell $ 2.52, or 2.7 percent, to $ 92.05 a barrel, and West Texas Intermediate crude futures fell $ 2.97, or 3.3 percent. one hundred, at $ 86.14 a barrel.
Brent Crude and West Texas Intermediate prices fluctuated between high and low, but fell 6% and 7% respectively during the week.
The International Energy Agency has lowered its fuel demand forecast for the current year and the next few years and warned of a possible global recession.
Core inflation in the US recorded its largest annual increase in 40 years, reinforcing expectations that interest rates will remain high for a longer period with the risk of a global recession.
The next US interest rate decision is expected between November 1st and 2nd.
The “OPEC +” group, which includes the Organization of Petroleum Exporting Countries “OPEC” and independent oil producers, including Russia, announced last week that it would reduce oil production by two million barrels per day.
Estimates from the International Energy Agency indicate that the lack of production among the countries of the group means the possibility of reducing production by one million barrels per day.
Oil prices were also supported by a sharp decline in US distillate inventories, although US crude oil inventories are higher than expected.
