If You Are Interested Call Me Text Me On What’s App : 9760916659, 8979570233
Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world’s top crude importer China have also impacted the market.“Those recession concerns are drumming louder and taking oil lower this morning,” said Howie Lee, an economist at Singapore’s Oversea Chinese Banking Corp, pointing to strong U.S. consumer price index (CPI) data on Wednesday.However, supply concerns stemming from Russia’s invasion of Ukraine have bolstered the market, with prices rising over 35% so far this year. A pending European Union ban on oil from Russia, a key EU supplier of crude and fuels, that could further tighten global supplies is underpinning prices.On Wednesday, oil prices jumped 5% after Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after the Ukraine invasion.Price gains have been limited by worries about demand destruction in China, as it attempts to curb the spread of the coronavirus.
