Significant drop in oil prices

Crude oil prices fell sharply on Friday with US crude falling below $80 a barrel amid concerns over the outlook for oil demand.

U.S. WTI crude fell to its lowest level since late September 2022 at $79.18 a barrel, down 3%, while North Sea Brent crude fell to $87.19, down 3%. 2.9%.

Contributing to the drop in oil prices is the aggressive policy of increasing interest rates followed by the Central Banks, which reinforces the estimates that the economies will be led into a recession, hitting the demand for oil, but also the increase in the number of coronavirus cases in China, which dashed hopes for easing of anti-Covid restrictions and renewed concerns about reduced oil demand from the world’s biggest energy importer.

Source: KYPE

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