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Crude Oil Trading Around the 89 $ Per Barrel Level

Brent Crude  Oil : futures were trading around the $89 per barrel level, down more than 20% this quarter, pressured by mounting fears about a potential global recession-driven demand downturn.

Despite the IEA and OPEC remaining somewhat bullish on fundamentals, persistent headwinds from surging inflation and shrinking financial conditions and its subsequent implication on economic activity remain a significant downside risk for demand.

Adding to the bearish outlook, a sudden pick up in the US dollar demand exerted additional downward pressure on the dollar-denominated commodity.

Putting a floor under prices were concerns of further supply disruptions from Russia. Also, recovery in oil demand from top importer China and possibly more output cuts from OPEC limited losses. Brent dropped roughly 8% for the month, putting it on track for a fourth consecutive monthly loss.

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