Brent crude futures fell 1.8% to $94.42 a barrel while US West Texas Intermediate crude futures fell almost 2% to $88.80.
Ukraine had suspended Russian pipeline flows to parts of central Europe since earlier this month because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. Hungarian energy group MOL has transferred the transit fee for the use of the Ukrainian section of the pipeline, MOL said on Wednesday. Demand fears were also weighing on prices, according to analysts.
“Fear of recession-induced demand destruction is the main driver of prices today and the main reason Brent is trading below $100 a barrel,” PVM analyst Stephen Brennock said. .
Although concerns about a possible global recession have weighed on oil futures recently, US oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, according to a Reuters review of calls. of company results.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
