Brent crude fell more than $5 at one point due to demand concerns caused by a recovery in supply and rising interest rates

U.
S.
oil futures fell 3.
5% on Thursday (July 21) to settle at $96.
35 a barrel
.
Earlier, the Libyan minister said that Libyan oil production would recover to 1.
2 million b/d
in 7 to 10 days.
At the same time, oil prices weighed on oil prices as gasoline inventories rose and demand concerns stemmed from interest rate hikes by the European Central Bank
.

The ECB raised interest rates by 50 basis points more than expected, as fears of runaway inflation overwhelmed growth concerns, even as the eurozone economy is suffering from the effects
of the Russia-Ukraine war.
It is the first rate hike since 2011 and the largest rate hike since 2000
.
After the rate hike, the ECB's marginal lending rate is 0.
75%, the main refinancing rate is 0.
5%, and the deposit facility rate is 0%.

Since then, the ECB's eight-year era of negative interest rates has come to an end
.

Michael Brown, head of market intelligence at Caxton, said the previous rebound in oil prices may be short-lived
, given the growing risk of a world recession.

Earlier, the Libyan minister said in an interview with the media that Libyan oil production has rebounded to more than 700,000 b/d, and production will recover to 1.
2 million b/d
in 7 to 10 days 。 According to a statement issued by the Libyan Ministry of Oil and Gas, oil exports at the Essider oil port were resumed; The Waha field resumed production with an initial capacity of 15,000 b/d; THE NAFOURA, TIBESTI, AL-GHANI AND AL-BAYDA FIELDS ALSO RESUMED PRODUCTION; Oaha Oil Company's fields have resumed oil production at 70,000 b/d; Production will be gradually increased until normal production
is reached.
Libya's oil industry has been in the midst of severe political turmoil for months, with various forces seeking to rein in NOCs and their revenues, adding to tight markets
.

U.
S.
gasoline futures settled at $3.
15, down $0.
13, and U.
S.
government data released Wednesday showed gasoline inventories surged by 3.
5 million barrels last week, far exceeding analysts' expectations
.
Robert Yawger, executive director of energy futures at Mizuho Bank, said: "If you don't need gasoline, then you don't need crude oil to make gasoline, and that's the logic
of the hit of crude oil right now.
" Oil futures have been quiet and volatile as traders try to weigh
weak energy demand against tight supplies caused by Russian oil dwindling following Russia's invasion of Ukraine.
”

Putin spoke by phone with Saudi Crown Prince about the oil market and stressed the importance of
further cooperation within OPEC+.
The conversation, which comes six days after US President Joe Biden's visit to Saudi Arabia, highlights the kingdom's importance to
the United States and Russia at a time when Russia's war in Ukraine is disrupting global energy markets.
"The current situation in the world oil market was discussed at length, stressing the importance of
further collaboration within the OPEC+ framework," the Kremlin said.
The Parties noted with satisfaction that the countries participating in this alliance have been fulfilling their obligations to maintain the necessary balance and stability
in the global energy market.
The two leaders also discussed expanding trade and economic ties and exchanged views
on the situation in Syria.
”

Nord Stream 1, the largest gas pipeline between Russia and Germany, resumed Russian gas on Thursday after a 10-day outage, easing fears
of an extended maintenance period, operators said.
Earlier EIA data showed that natural gas inventories rose by 32 billion cubic feet in the week ended July 15, which was lower than expected, and then Maxim Gas began to rise
.