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9% drop in oil prices during the last week

According to Fars International Economic Group, quoted by Reuters, the price of oil decreased by about 2% in the last working day of the global markets, and due to concerns about the decrease in demand in China and the further increase in interest rates in the United States, the price of oil fell for the second week. determined

A barrel of Brent oil was traded at $87.62, down $2 and 16 cents. The price of American crude oil also decreased by 1 dollar and 56 cents, and a barrel of WTI was sold at 80.08 dollars.

Both indices recorded price declines during the past week, with the average price of Brent oil falling by around 9% and the average price of WTI falling by around 10%.

A strengthening dollar, which makes oil more expensive for holders of other currencies, pushed prices down.

Crude oil prices hit record highs at the start of 2022 as the military conflict between Russia and Ukraine added to supply concerns.

According to informed sources, China is looking to reduce the import of crude oil from some sources.

On the other hand, as the ban on oil imports from Russia approaches on December 5, the prospect of more exports from Russia has affected the spot oil markets and oil prices.

despite OPEC reducing supply plusworries about recession dominated the market last week.

Market analyst Naeem Aslam said: “In terms of demand, there are concerns about stagnation.”

According to a Reuters poll, the Federal Reserve is expected to raise interest rates by 0.5 percent at its December 13-14 meeting. The Central Bank of America has increased the interest rate by 0.75% 4 times in a row.

OPEC plus which has started the process of reducing production instead of increasing production since September, is scheduled to hold its next meeting on December 4.

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