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Global benchmark crude contracts expired Brent mix To the nearest maturity of the trading session, it fell $4.83, or 5.25 percent, to record at the settlement of $88 a barrel, after it fell below the level of $90 a barrel for the first time since the eighth of last February.
US benchmark crude contracts were closed West Texas The median fell $4.94, or 5.7 percent, to $81.94 a barrel, the lowest since January.
It is expected that a few major central banks around the world will continue to raise interest rates to combat inflationbut economists said the United States appears better prepared to weather the storms.
This boosted the US dollar to a 24-year high against the Japanese yen and a 37-year peak against the British pound.
The rising greenback is putting pressure on oil prices because most of the crude sales around the world are done in US currency.
The European Central Bank is expected to raise interest rates sharply when it meets on Thursday. It will be followed by a meeting of the Federal Reserve on September 20 and 21.
Weak economic data in China and a strict zero-Covid policy added to concerns about oil demand. Customs data showed that the world’s second largest economy’s imports of crude in August fell 9.4 percent from their level a year ago.
Oil prices drew some support from Russian President Vladimir Putin’s threat to halt his country’s oil and gas exports if the West imposes a ceiling on their prices.
The market is awaiting the latest weekly data on oil and fuel stocks in the United States, which will be issued by the American Petroleum Institute later today, a day later than usual due to a holiday in the United States.
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Global benchmark crude contracts expired Brent mix To the nearest maturity of the trading session, it fell $4.83, or 5.25 percent, to record at the settlement of $88 a barrel, after it fell below the level of $90 a barrel for the first time since the eighth of last February.
US benchmark crude contracts were closed West Texas The median fell $4.94, or 5.7 percent, to $81.94 a barrel, the lowest since January.
It is expected that a few major central banks around the world will continue to raise interest rates to combat inflationbut economists said the United States appears better prepared to weather the storms.
This boosted the US dollar to a 24-year high against the Japanese yen and a 37-year peak against the British pound.
The rising greenback is putting pressure on oil prices because most of the crude sales around the world are done in US currency.
The European Central Bank is expected to raise interest rates sharply when it meets on Thursday. It will be followed by a meeting of the Federal Reserve on September 20 and 21.
Weak economic data in China and a strict zero-Covid policy added to concerns about oil demand. Customs data showed that the world’s second largest economy’s imports of crude in August fell 9.4 percent from their level a year ago.
Oil prices drew some support from Russian President Vladimir Putin’s threat to halt his country’s oil and gas exports if the West imposes a ceiling on their prices.
The market is awaiting the latest weekly data on oil and fuel stocks in the United States, which will be issued by the American Petroleum Institute later today, a day later than usual due to a holiday in the United States.