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August 9, 2022 | 4 years ago

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Oil prices weakened with fears of recession and slowing demand

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Around 09:15 GMT, the North Sea Brent barrel for delivery in October lost 0.57% to 94.38 dollars. The barrel of West Texas Intermediate (WTI) for delivery in September fell by 0.62%, to 88.46 dollars.

However, “supply remains relatively limited,” says Stephen Brennock, an analyst at PVM Energy.

On Wednesday, the Organization of Petroleum Exporting Countries and its allies (OPEC+) announced only meager increase in the supply of 100,000 barrels per day for September.

“At the same time, the producer group highlighted the lack of reserve production capacity,” Brennock said.

But all of these factors, which would normally make prices increase, have failed to outweigh the recession-related demand concerns.


August 9, 2022 | algeria-logo

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