The price of a barrel of oil fell due to fears of recession

barrel of oil price collapsed this tuesday About 9 percent, and it fell to its lowest level since last May, by about $100, as a result of fears that the impact of inflation on demand could lead to a recession.

In the case of Brent oil, a benchmark for Europe, the price of a barrel fell on Tuesday up to $102, At its lowest level since last May 11, with a decrease of 8.6 percent since the close of yesterday’s session.

For his part, a barrel of West Texas Intermediate (WTI) crude fell to $ 98.32 from $108.43 at the close on Monday, down 9.3 percent, to its lowest level since last May 11.

The Eurozone Composite PMI, one of the leading indicators of activity, fell in June to a 16-month low as the impact of price increases and a deteriorating economic outlook raised concerns that The “regression” of the mass economy leads to a recession.

Thus, the fear of a contraction of the euro economy may weigh on the spirit of the European Central Bank when doing normalization More aggressive monetary policyAfter announcing a 25 basis point interest rate hike in July, the first since 2011, and the other in September, its intensity will depend on inflation expectations.

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