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Crude oil prices trade below 77 $ , weakening by demand

WTI crude oil held below $77 per barrel on Wednesday after falling more than 4% in the previous session, weighed down by a weakening demand outlook amid growing US recession fears and Covid-related uncertainties in China.

Former New York Fed President William Dudley said that a US recession is on the cards but will not likely be severe, while former Fed Chair Alan Greenspan said a recession is the “most likely outcome” for the world’s largest economy

Surging Covid cases and a rising death toll in China also hurt the near-term demand outlook in the world’s top crude importer, but the country’s continued reopening is seen as a positive factor to its economy in the long term.

Meanwhile, investors remain cautious about further retaliatory actions from Russia after it banned oil exports to foreign buyers that adopt the G7 price cap, as well as the prospect of further production cuts from OPEC+.

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