Global crude oil news

7 Dec 2022 , 08:34 AM

After dropping to its lowest settlement levels this year, oil prices were mixed in early Asian trade on Wednesday as economic uncertainty and the possibility of increased interest rates weighed on prices.

Brent crude futures increased by 17 cents, or 0.2%, to reach $79.52 a barrel. The benchmark dropped below $80 in the most recent session for the second time in 2022.

A barrel of U.S. oil futures dropped 3 cents to $74.22.

Brent prices, which have fluctuated in price between $62 range this year, had its worst daily decrease on Tuesday since late September.

On Tuesday, Wall Street benchmarks also declined due to a coming recession being further discussed and uncertainties regarding the direction of Federal Reserve rate hikes.

Strong economic data or hawkish signals from other officials serve as the catalyst for these anxieties.

The surprise increase in activity in the US services sector in November and the strong US payrolls report from last week cast doubt on how quickly the Fed may loosen monetary policy.

Oil prices have lost the majority of their year-to-date gains after falling by more than 1% for three successive sessions.

China’s service sector activity has fallen to its lowest level in six months, and Europe’s economies have slowed as a result of high oil prices and rising interest rates.

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