Saudi Arabia, the world’s biggest oil exporter, saw crude oil prices hit a record high in August for Asian buyers amid tight supply and strong demand.
Oil prices fell nearly 10 per barrel on Tuesday on a strike by Norwegian oil and gas workers amid fears of a slowdown in the global recession, which could lead to a collapse in exports and a collapse in supplies.
World benchmark Brent crude was down 65.65 or 9.4 per cent at 4,102.85 per barrel at 12:46 pm. EDT (1645 GMT). US West Texas Intermediate (WTI) crude fell 9.9.36, or 8.6 per cent, to 999.07 per barrel at the end of Friday. The WTI deal did not happen on Monday due to a holiday in the US.
“The market is getting tighter, but we are still getting creamy and there is only one way you can explain that every risky asset is bearish,” said Robert Yoger, Mizuho’s director of energy futures. You’re feeling the pressure.
As with equities, the future of oil also sank, often as an indicator of demand for crude, as investors worried about the prospect of an economic slowdown as central banks around the world sought to aggressively control inflation. Was. act. Andy Lipo, president of Houston-based Lipo Oil Associates, said further declines could occur if the slowdown continues, and if energy demand declines sharply.
When you go into a recession and supply exceeds demand, the commodity market can become quite unforgivable, Lipo said.
Meanwhile, demand for safe havens from the US Treasury rose nearly 1.5 percent against the dollar, affecting the greenback as it became more expensive for buyers of other currencies. The euro fell to its lowest level in two decades as data showed trade growth in the eurozone slowed further last month, with future signs that the area could collapse to life this quarter. The cost keeps consumers alert.
In South Korea, inflation hit a nearly 24-year high in June, fueling concerns about economic growth and dwindling oil demand. Supply concerns remain, initially lifting WTI and Brent at the start of the season, disrupting expected production in Norway, where offshore workers have gone on strike.
As of Saturday, Europe’s second-largest energy supplier after Russia will strike, slashing daily gas exports to 1,117,000 barrels of oil equivalent (BOI), or 56% of daily gas exports, and 341,000 barrels per day. barrels will be reduced, the Norwegian Oil and Gas (NOG) employer lobby said.
Saudi Arabia, the world’s biggest oil exporter, saw crude oil prices hit a record high in August for Asian buyers amid tight supply and strong demand. Meanwhile, former Russian President Dmitry Medvedev said Japan’s proposal to limit the price of Russian oil to about half of its current level could mean a drop in oil prices and more than -4 300-400 per barrel.
G7 leaders last week agreed to explore the feasibility of introducing a temporary cap on import prices in an effort to limit resources for funding Moscow’s special military operation in Ukraine on Russia’s fossil fuels, including oil.