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Recession fears intensify International oil prices fell sharply last week

 Last Update: 2023-02-01
 Source: Internet
 Author: User

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Weak manufacturing data from many countries triggered recession fears, and international oil prices fell sharply last week (the week ended August 5) due to the increase in US gasoline and crude oil inventories and a slight increase in OPEC+ production
.
WTI oil prices fell by 9.
74% and Brent oil prices fell by 13.
72%.

On the 5th, WTI oil prices closed at $89.
01 / barrel, and Brent oil prices closed at 94.
92 US dollars / barrel
.

This week, the July manufacturing data disclosed by many countries hit a new low in more than two years, and the market demand for crude oil fell
further.
The inventory report released by the U.
S.
Energy Information Administration (EIA) showed that U.
S.
crude oil and gasoline inventories increased
last week due to falling exports and slowing demand.
This news triggered heightened fears of a recession in the market, and international oil prices fell
sharply.

On August 3, OPEC+ held its 31st ministerial meeting and decided to increase production by 100,000 b/d in September, the smallest increase in the alliance's history
.
At the same time, Iran's oil minister said that Iranian crude oil will return to the international crude oil market as soon as possible to stabilize oil prices
.
Analysts said that the supply side has not changed significantly, and the setback in oil demand has become the focus
of attention.

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