Oil prices were also driven by the appreciation of the dollar. This will reduce the attractiveness of the contract. making oil contracts more expensive for holders of other currencies.
West Texas Crude Oil Contract Delivered in November It traded on the NIMEX minus $ 2.08 to close at $ 87.27 a barrel. Brent North Sea London Delivered in December Was down $ 1.84 to close at $ 92.45 a barrel.
Investors Worry About This The Fed Will Accelerate Interest Rate Hikes. After the US Producer Price Index (PPI) was higher than expected today, local time.
Jamie Dimon, chief executive of JPMorgan Chase, warned that the US economy could go into recession in the next six to nine months.
The Organization of Petroleum Exporting Countries (OPEC) has cut its forecast for world oil demand for this year and next. suffers from the economic slowdown, skyrocketing inflation and China’s use of stringent measures to control the spread of COVID-19
In its October oil market report, OPEC said oil demand will increase by 2.64 million barrels per day, or 2.7% this year, down 460,000 barrels per day from previous predictions.
OPEC also said oil demand will increase by 2.34 million barrels per day next year, down 360,000 barrels per day from the previous forecast.
Meanwhile, OPEC lowered its global growth forecast for this year to 2.7% from 3.1% and lowered its forecast for next year to 2.5%.
