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And about 14:15 GMT, it went down Brent barrel price The benchmark North Sea oil in Europe for September delivery increased by 3.67 percent to reach $95.93, according to Agence France-Presse.
The price of a barrel of West Texas Intermediate oil for August delivery also decreased by 4.40 percent, to reach $92.04.
Fears of slowing demand affected profits recorded after the Russian military operation in Ukraine, when oil prices rose sharply and reached levels not seen since the 2008 economic crisis..
Thus, oil prices returned to their levels recorded before Ukraine warWhen the price of a barrel of Brent ranged between 95 and 99 dollars, and the price of a barrel of West Texas oil between 90 and 94 dollars.
But prices are still up about 22 percent over the year, as at the beginning of the year and before the start of the war on February 24, supply disruptions and the possibility of Russia launching a war on Ukraine Sharply raising prices.
Commented by the analyst Oanda Craig Arlam, by saying that "Fears of a recession, are once again a drive" Prices drop.
On Thursday, the European Commission lowered its forecast for growth in the euro area for 2022 and 2023 to 2.6 percent and 1.4 percent, compared to 2.7 percent and 2.3 percent expected so far, due to the increasing impact of the war in Ukraine..
Inflation has reached historically high levels due to the Russian attack and the Western sanctions that led to it. The European Commission raised its forecast for consumer price inflation to 7.6 percent in 2022 and 4 percent in 2023, from 6.1 percent and 2.7 percent previously estimated..
The analyst confirms Spi Stephen Innes, that the publication of the US consumer price index for June, on Wednesday, "The possibility of a massive Federal Reserve hike (interest rates) to slow the US economy has increased".
Prices continued to rise in June in the country, and the inflation rate reached 9.1 percent at its highest level since November 1981. This sharp rise threatens growth, as consumption is the main driver of the economy in the United States.
In the opinion of the analyst PVM Energy Tamas is empty, that with a new rate hike "It is assumed that the economy will contract and growth will gradually slow down, which will have an inevitable impact on the demand for oil".
will support raise interest rates The dollar is more, and it has reached levels unprecedented in decades against the yen and the euro, which affects the purchasing power of investors in the oil market, who use other currencies.
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And about 14:15 GMT, it went down Brent barrel price The benchmark North Sea oil in Europe for September delivery increased by 3.67 percent to reach $95.93, according to Agence France-Presse.
The price of a barrel of West Texas Intermediate oil for August delivery also decreased by 4.40 percent, to reach $92.04.
Fears of slowing demand affected profits recorded after the Russian military operation in Ukraine, when oil prices rose sharply and reached levels not seen since the 2008 economic crisis..
Thus, oil prices returned to their levels recorded before Ukraine warWhen the price of a barrel of Brent ranged between 95 and 99 dollars, and the price of a barrel of West Texas oil between 90 and 94 dollars.
But prices are still up about 22 percent over the year, as at the beginning of the year and before the start of the war on February 24, supply disruptions and the possibility of Russia launching a war on Ukraine Sharply raising prices.
Commented by the analyst Oanda Craig Arlam, arguing that “recession fears are once again a driver” of the price decline.
On Thursday, the European Commission lowered its forecast for growth in the euro area for 2022 and 2023 to 2.6 percent and 1.4 percent, compared to 2.7 percent and 2.3 percent expected so far, due to the increasing impact of the war in Ukraine..
Inflation has reached historically high levels due to the Russian attack and the Western sanctions that led to it. The European Commission raised its forecast for consumer price inflation to 7.6 percent in 2022 and 4 percent in 2023, from 6.1 percent and 2.7 percent previously estimated..
The analyst confirms Spi Stephen Innes, said that the publication of the US consumer price index for June, on Wednesday, “has enhanced the possibility of a significant Federal Reserve hike (interest rates) to slow the US economy.”“.
Prices continued to rise in June in the country, and the inflation rate reached 9.1 percent at its highest level since November 1981. This sharp rise threatens growth, as consumption is the main driver of the economy in the United States.
In the opinion of the analyst PVM Energy Tamas Varga, that with a new interest rate hike, “the economy is supposed to contract and growth will gradually slow down, which will have an inevitable impact on demand for oil“.
will support raise interest rates The dollar is more, and it has reached levels unprecedented in decades against the yen and the euro, which affects the purchasing power of investors in the oil market, who use other currencies.