US crude oil was cheaper for a month and that’s it longest chain Downward trend this year. Last week, their prices on the New York Fuel Exchange fell more than 7 percent. and stop At its lowest level since mid-January 2022.
For example, a barrel of West Texas Intermediate crude for November delivery is $78.27 on the New York Mercantile Exchange. On the other hand, the price of a barrel of Brent crude oil on the ICE exchange was $85.60, although here we have a weekly increase of 0.64%.
US crude oil is on track to recoup its first quarterly drop in more than two years, as global central banks – Especially the US Federal Reserve (FED) Significantly increases the cost of money, which negatively affects the forecast of energy demand. It also dampens investors’ appetite for risky assets. What will the effect be?
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Worries about US recession and Hurricane Ian affect oil prices
Oil markets have been under pressure, as the Federal Reserve indicated last week It is ready to enter the US economy into a recession to overcome high inflation comments James Whistler, Managing Director, Vanir Global Markets Pte.
As a result, the OPEC + countries can take decisive action, since the current level of gas prices, according to Whistler, is probably lower than the domestic expectations of this group. For example, they can reduce the supply of raw materials to achieve the required rates.
Stockbrokers are also concerned about Tropical Storm Ian, which is due to become a Category 4 hurricane by the middle of this week and approaches the Florida coast. Chuck Watson, a disaster modeler at Enki Research, said, “A direct hit from Tampa could push the water ‘wall’ into Tampa Bay, flooding the city and its suburbs, with potential losses and damages of up to $30 billion.
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