Despite today’s rise, US Nymex crude is still down around 10% this week after a four-day decline, and Brent crude is down nearly 9% over the week.
Oil prices were hit by growing concern that the U.S. economy is on the verge of slipping into recession, which could hurt demand for oil, as well as investors watching for signs of continued instability. among US regional banks.
Oil prices have fallen 14% this year, even after the OPEC Plus group’s decision to cut production from this month.
The drop in prices came despite signs of strength in the current oil market, indicating that overselling in the market was not too much.Shell CEO Wael Sawan said this week that the market was in fact suffering ” of a severe oil shortage”. attach”.
price movements
Oil movements saw an increase today, with Brent crude up 0.9% at $73.17 a barrel as of 0548 GMT, and Nymex crude up 0.85% at $69.13 a barrel.
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