OIL PRICES ARE HEADING FOR WEEKLY LOSSES AS RECESSION FEARS PERSIST

  • 09/07/2022

Kuwait City: Oil prices fell in volatile trade Friday, as they are heading towards incurring weekly losses, as fears of slowing demand due to a possible recession persist, which outweighed its impact on the lack of supplies.


Central banks around the world are raising interest rates to control inflation, which reinforces fears that lending costs may hinder growth, while fears of possible new closures that may undermine oil demand have increased after the increase in “Covid-19” infections in Shanghai this week.

Brent crude, the benchmark, fell 36 cents, or 0.3%, to $104.29 a barrel, while West Texas Intermediate crude fell 50 cents, or 0.5%, to $102.23 a barrel.

The two crudes are expected to record weekly losses.

Later on Friday, attention will turn to the latest US jobs data, which is expected to show a 268,000 non-farm payroll increase in June.

And oil prices rose sharply yesterday, Thursday, after strong losses in the previous two sessions, as investors returned to their focus on tight supply even as fears of a global recession persisted.

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