The price of oil rose slightly, recovering some of the weekly losses. however, Crude oil is set to close on Friday, near its lowest since February. The lower prices are supported by concerns about a possible recession and thus a decrease in the demand for fuel.
Fears of an economic slowdown have intensified since the Bank of England warned last Thursday of a long-term recession after taking the decision to raise interest rates to the maximum, for the first time since 1995.
“Obviously everyone is taking the threat of a recession more seriously, as we’re still seeing a very tight market and farmers who don’t have the power to change that.”said Craig Erlam, chief market analyst at Oanda in London, according to Reuters.
Prices of a barrel of Brent and Texas crude oil today, August 5: How much do they cost and how much is the pricing?
This Friday, at 1:29 PM ET, US West Texas Intermediate crude rose 0.27 dollars, or 0.30 percent, to trade at 88.81 dollars. secondly, Brent crude futures are trading at $94.79 a barrel Up 0.67%, or $0.71, according to OilPrice.com, a website that offers more than 150 oil indices and blends worldwide.
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Both indicators are heading to close the week with lows close to those recorded in February before the start of the Russian invasion of Ukraine on February 24th. according to ReutersAnd the Brent crude is down about 13% from last Friday’s close, while WTI is down about 9%.
Despite lower prices due to concerns about the impact of inflation on economic growth and demand, Signs of a lack of supply can cause the price to go up again. Supply concerns are expected to grow as winter approaches, with EU sanctions banning seaborne imports of Russian crude and oil products coming into effect on December 5th.