Brent Crude Oil: futures fell toward $93 per barrel on Tuesday to snap a three-day winning streak, as market caution dominated sentiment ahead of US inflation data that could influence the Federal Reserve’s tightening plans and the trajectory of global growth.
Demand concerns driven by top crude importer China’s anti-virus restrictions and a deepening energy crisis in Europe
that heightened recessionary risks in the region also added to the bearish view.
Meanwhile, Brent Crude Oil prices rallied about 7% in the past three days and rebounded from over seven-month lows, lifted by a weaker dollar and signs of ongoing supply tightness in physical markets.
In the US, data showed that emergency oil reserves fell to the lowest level since October 1984, While as the government set a plan in March to release 1 million barrels per day over six months to tackle high fuel prices. Elsewhere, investors await OPEC’s monthly report on its near-term market outlook due for release later on Tuesday.
While Yesterday Crude Oil steadied near $93 per barrel on Monday, after rising more than 5% in the previous two sessions, as concerns about a weakening demand outlook and a US-led plan to impose a price cap on Russian oil weighed on sentiment.
Prospects of a demand-sapping global economic slowdown continued to pressure oil prices, driven largely by aggressive
monetary tightening by major central banks and top crude importer China’s Covid-19 curbs.
13 thoughts on “Brent Crude Oil Fell Toward $93 Per Barrel”
Comments are closed.
[…] As for production, it said CPO output increased by 9.67 per cent to 1.72 million tonnes in August versus 1.57 million tonnes in […]
[…] Oil : futures steadied above $93 per barrel on Wednesday after facing heightened volatility in the previous session following the release of US inflation data, supported by a solid demand outlook from OPEC at a time […]
To the btrams.com admin, Thanks for the well-researched post!
To the btrams.com owner, Thanks for the well-organized post!
To the btrams.com administrator, Thanks for the informative post!
Hi btrams.com owner, Thanks for the informative post!
To the btrams.com webmaster, Your posts are always well-written and easy to understand.
Hi btrams.com owner, You always provide great examples and case studies.
Dear btrams.com owner, Your posts are always well-balanced and objective.
Hi btrams.com administrator, You always provide great examples and real-world applications.
Dear btrams.com owner, You always provide in-depth analysis and understanding.
Hello btrams.com admin, Thanks for the well-researched and well-written post!
Hi btrams.com owner, You always provide useful tips and best practices.