Oil prices continue to decline amid fears of economic recession
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Oil prices continue to decline amid fears of economic recession
Admin Tue Aug 16, 2022 9:47 am
Oil prices continue to decline amid fears of economic recession
16th August, 2022
Oil prices fell on Tuesday, as bleak economic data from China, the largest buyer of crude, renewed fears of a global recession.
Brent crude futures fell 82 cents, or 0.86 percent, to $94.27 a barrel by 04:59 GMT.
West Texas Intermediate crude futures were down 52 cents, or 0.58%, at $88.89 a barrel.
Oil futures were down about 3% during the previous session.
China's central bank cut lending rates to revive demand as the economy unexpectedly slowed in July, with factory and retail activity slashing due to Beijing's COVID-free policy and real estate crisis.
Investors also watched talks to revive the 2015 Iran nuclear deal, with analysts predicting that more oil could enter the market if Iran and the United States accepted an offer from the European Union to lift sanctions on Iran's oil exports.
https://economy-news.net/content.php?id=29345
16th August, 2022
Oil prices fell on Tuesday, as bleak economic data from China, the largest buyer of crude, renewed fears of a global recession.
Brent crude futures fell 82 cents, or 0.86 percent, to $94.27 a barrel by 04:59 GMT.
West Texas Intermediate crude futures were down 52 cents, or 0.58%, at $88.89 a barrel.
Oil futures were down about 3% during the previous session.
China's central bank cut lending rates to revive demand as the economy unexpectedly slowed in July, with factory and retail activity slashing due to Beijing's COVID-free policy and real estate crisis.
Investors also watched talks to revive the 2015 Iran nuclear deal, with analysts predicting that more oil could enter the market if Iran and the United States accepted an offer from the European Union to lift sanctions on Iran's oil exports.
https://economy-news.net/content.php?id=29345
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