Brent oil prices at lowest level since March

Brent oil is traded at $97.25 a barrel in worldwide markets.

The rise in COVID-19 instances and the restrictions imposed in China, the world’s largest crude oil importer, are placing downward strain on prices.

In world markets, the downward pattern in oil prices continues with the worry that the inflation information introduced within the USA yesterday will additional hawk the US Federal Reserve (Fed) and the nation could also be dragged into recession.

The barrel value of Brent oil, which rose to $ 101.21 yesterday, accomplished the day at $ 99.57.

lowest level since March

The barrel value of Brent oil was $97.25, with a lower of two.32 % in comparison with the cut-off date, as of 14:15 as we speak. Thus, the barrel value of Brent oil fell to its lowest level since March.

In the identical minutes, West Texas kind (WTI) crude oil discovered consumers at $ 93.73 a barrel.

Fear about tightening will increase danger notion

In keeping with the info launched yesterday, whereas the Client Value Index (CPI) within the USA elevated by 1.3 % month-to-month and 9.1 % yearly, far surpassing expectations, the worry that the Fed might turn into extra hawkish in its tightening insurance policies to manage inflation will increase the chance notion.

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Saudi Arabia go to to be adopted intently

In keeping with the information of AA, US President Joe Biden’s Center East contacts, which is able to begin tomorrow with Saudi Arabia, may even be adopted intently within the markets.

Brent oil prices at lowest level since March #2

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