Energy Preview: WTI Crude Ease Under $109 Per Barrel

6 May 2022 , 09:14 AM

Oil prices eased under $109 per barrel on Friday, as investors continue to fret about an economic downturn that could dampen demand for crude. Crude jumped to a high of $111.37 in the previous session, reacting to the European Unions proposal to ban imports of Russian oil. OPEC+ agreed to raise June production by 432,000 barrels per day, in line with its plan to unwind curbs made when the pandemic hammered demand. Meanwhile, the EU sanctions proposal, which needs unanimous backing from the 27 countries in the bloc, involves phasing out imports of Russian refined products by the end of 2022 and a ban on all shipping and insurance services for transporting Russian oil. The Bank of England warned Thursday that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009, hiking by quarter of a percentage point to 1%. It followed the Federal Reserves decision Wednesday to raise US interest rates by half a percentage point as inflation soars also in the worlds biggest economy. Powered by Commodity Insights