Oil prices fell This Thursday, April 13, after hitting multi-month highs in the previous session, in the middle of the fears of a recession in the United States and OPEC warnings over one drop in demand for crude oil during the summer season.
The oil Brent was down $1.24or 1.42%, to $86.09 the barrel, while the crude West Texas Intermediate in the United States (WTI) gave up $1.10or 1.32%, to $82.16.
As he Brent As the WTI gained 2% last Wednesdayreaching his highest level in over a monthbecause the US inflation cooling encouraged the hopes that the Federal Reserve will stop raising interest rates.
However, the minutes of the last Fed policy meeting indicated that the banking sector tensions could lead the economy to recessionwhich weaken demand for US oil.
The market is closely monitoring economic growth indicators, which Tamas Varga, from the PVM brokerage, described as fragile. “Inflationary pressure could be high again”he claimed.
In another factor that weighed on the market, the Organization of the Petroleum Exporting Countries (OPEC) noted in a monthly report the Downside risks to oil demand in the boreal summer. The report highlighted rising oil inventories and a number of challenges for global growth.
However, the fall in prices was limited as the OPEC kept its forecast for world oil demand growth unchanged in 2023. Other economic data also supported crude.
Traders remain shocked by the decision of OPEC and its alliesknown as OPEC+, to continue cutting production.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
