Investors are increasingly concerned that the latest rise in oil and fuel prices adds to recession concerns.
Data showed euro zone business growth slowed further last month, and forward-looking indicators suggested the region could decline this quarter as there may be weaker consumer demand.
However, supply concerns remain. Earlier in the session, WTI rose more than 3 dollars and Brent more than 1 dollar after learning about the interruption of production in Norway. Norwegian offshore platform workers have started a strike that will cut oil and gas production, the union leading the industrial action told Reuters.
Saudi Arabia, the world’s biggest oil exporter, lifted August crude prices for Asian buyers to near-record levels amid tight supply and strong demand.
Rumors of an energy crisis are expanding more with the passing of days. For his part, the former president of Russia, Dmitri Medvedev, affirmed an alleged strategy by Japan to limit the price of Russian oil to half its current level, which would mean less oil on the market and could cause prices to exceed $300 or $400 per barrel inducing a systemic crisis.
Source: Ambito
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