top of page

Title: Oil prices fall on recession fears, on track for third weekly loss

Writer's picture: analysiswatchanalysiswatch

Jul 01, 2022 03:10AM ET


By: AnalysisWatch


Oil prices fell on Friday, continuing the previous day's slump, as lingering recession fears weighed on sentiment and benchmarks were on track for their third straight weekly loss.


At 02:53 AM ET, Brent crude futures were down 43 cents, or 0.4%, at $108.60 a barrel, giving up earlier gains of more than $1.


WTI crude futures for August delivery were down 60 cents, or 0.6%, at $105.16 a barrel, also giving up early gains of nearly $1.


Both contracts fell about 3% on Thursday.


On Thursday, the group of OPEC+ producers, which includes Russia, agreed to maintain its production strategy after two days of meetings. However, the producer group avoided discussing policy from September.


Earlier, OPEC+ decided to increase output by 648,000 barrels per day (bpd) in both July and August, instead of 432,000 bpd per month as previously planned.


U.S. President Joe Biden will leave in mid-July for a three-hour trip to the Middle East that will include a visit to Saudi Arabia. This puts energy policy in the spotlight as the United States and other countries face rising fuel prices that are driving up inflation.


Norway's 74 offshore oil workers on Equinor's Gudrun, Oseberg South and Oseberg East platforms will go on strike starting July 5, the Lederne union said on Thursday, which is expected to halt about 4% of Norwegian oil production.


Oil prices are expected to remain above $100 a barrel this year as Europe and other regions seek to break away from Russian supplies, according to a Reuters poll on Thursday, although economic risks could slow the rise.

3 views0 comments

コメント


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page