Business activity in the euro zone unexpectedly deteriorated over the course of this month, raising the possibility that the bloc is on the verge of a recession.
This Tuesday, oil prices They remain stable after this Monday’s fall. The reason behind this stability was due to a series of worrying economic data from Germany, the euro zone and the United Kingdomwhich painted a pessimistic outlook and could negatively impact crude oil demand.
Brent crude oil futures register an increase of 41 cents, equivalent to 0.5%, standing at US$90.24 per barrel. Meanwhile, West Texas Intermediate crude oil futures rose 38 cents, representing 0.4%, reaching US$85.87 per barrel.
Business activity in the euro zone unexpectedly deteriorated over the course of this month, according to data released on Tuesday, raising the possibility that the bloc is on the verge of a recession.
Oil: discouraging data comes from Europe
German figures, meanwhile, indicated that the recession in the country is at an advanced stage, with British businesses reporting another decline in activity this month, underscoring the risk of a recession ahead of the Bank of England’s next interest rate decision next week.
At 13:45 GMT, new data related to business activity in the United States was expected to be published.
On the other hand, the International Energy Agency warned that if current government policies continue, demand for fossil fuels will peak in 2030.
Both oil benchmarks experienced a drop of more than 2% the previous day, as diplomatic efforts intensified in the Middle East, the world’s main oil supplier region, to try to contain the conflict between Israel and Hamas.
In the United States, crude stockpiles were expected to rise over the past week, a preliminary Reuters poll showed the previous day. The report from industry group the American Petroleum Institute (API) is expected to be released on Tuesday at 20:30 GMT, and the report from the Energy Information Administration (EIA) on Wednesday.
Source: Ambito
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