Global crude oil news

18 Nov 2022 , 08:18 AM

Oil prices increased on Friday as the dollar fell, but they were still on track for significant weekly losses due to forecasts that the U.S. will continue to raise interest rates sharply and the possibility of decreased demand from their biggest customer, China, given the rise in COVID-19 cases.

Brent crude futures recovered 67 cents, rising 0.8% to $90.45 per barrel, but they were still close to a four-week low of $89.53 hit earlier in the day.

WTI crude futures for the United States increased by 70 cents, or 0.9%, to $82.34 a barrel, but they remained close to a six-week low.

Oil prices rose on Friday as a result of a modest decrease in the value of the dollar since buyers holding other currencies may purchase oil at a lower price.

WTI, meanwhile, has decreased by more than 7% this week while Brent has decreased by around 6%.

The market, according to analysts, has been clouded by worry about probable Chinese lockdowns to stop a rise in COVID cases, which have reached their highest level since April, as well as concerns that further interest rate hikes may send the U.S. economy into recession.

Observations made this week by U.S. Federal Reserve officials shattered hopes for any moderating of the nation’s relentless interest rate increases.

The National Health Commission said on Friday that China reported 25,353 new COVID-19 infections on November 17, up from 23,276 new cases a day earlier.

Even though the European Union’s ban on Russian crude is set to take effect on December 5 and the Organization of the Petroleum Exporting Countries and Allies, collectively known as OPEC+, is reducing production, recession worries have dominated this week.

For feedback and suggestions, write to us at [e-mail]