Recession fears persist International oil prices fell significantly on September 26

As the market's concerns about recession continued and the US dollar strengthened significantly, the international crude oil futures price consolidated weakly in the overnight market, once turned from falling to rising in the morning of the 26th, and then fell significantly, and in the afternoon a narrow consolidation, international oil prices fell
significantly at the close.

Light crude futures for November delivery fell $2.
03, or 2.
58%,
to settle at $76.
71 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for November delivery fell $2.
09, or 2.
43%, to settle at $84.
06 a barrel
.

Steve Hanke, a professor of applied economics at Johns Hopkins University, believes that the probability of the US economy falling into a recession is 80%.

If the Fed continues to implement quantitative tightening and the money supply turns negative, the consequences will be serious
.

Amrita Sen, co-founder of Energy Aspects, an energy information service, said the drop in oil prices was caused by a macro trend led by a stronger dollar, which raised fears
of a recession.

John Morley, deputy editor of crude and fuel oil operations in Europe, the Middle East and Africa, said a stronger dollar against other currencies meant that assets such as dollar-denominated oil became more expensive for investors holding foreign currencies and weighed
on futures prices.

After rising sharply on the 23rd, the dollar index continued to rise significantly by more than 0.
7% on the 26th, consolidating
above 114 points.

Michael Lynch, president of the Strategic Energy and Economic Research Corporation (SEER), said that oil prices briefly rose on the 26th, which is likely due to investors' bargain buying and concerns
about Hurricane Ian in the Gulf of Mexico.
It is likely that Ian should not have a major impact on Gulf of Mexico oil and gas production, but it is still possible to turn slightly westward and cause some damage
.

Ole Hansen, head of global commodity strategy at Denmark's Saxo Bank, said commodities, including crude oil, continued to face pressure
after the strengthening of the dollar on the 23rd and pessimism about economic growth had a ripple effect on the market.
With New York oil prices falling below $80 a barrel and Brent crude futures back to around $85 a barrel, OPEC+ could soon move to support prices
.

Phil Flynn, senior market analyst at Price Futures Group, said oil prices began to reflect the prospect
of a major recession on September 23 as the dollar strengthened and risk asset prices contracted.
In the near term, energy prices are likely to remain volatile and subject to more downside risks
.