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Wednesday, October 5, 2022

Falling demand in the United States caused the price of oil to fall

Washington. Oil prices fell on Wednesday as markets focused on signs of weakening US demand rather than the threat of an escalation in the Ukrainian conflict.

A barrel of Brent for delivery in November fell 0.87% to end at $89.83. Benchmark European crude had not ended below $90 for almost two weeks. In New York, a barrel of WTI, for delivery in November, fell 1.19% to $82.94 on its first day as the benchmark contract.

During the session, WTI settled near $81.20, its lowest level since January, having been reached in early September. Prices rose on the first day after President Vladimir Putin announced a “partial” mobilization of about 300,000 reservists and spoke of using nuclear weapons to “defend Russia”.

Brent gained 3.17% and WTI 3.26% after the Russian leader spoke. But the trend reversed when the United States reported it added 1.1 million barrels to its commercial reserves, twice as much as analysts expected.

Already falling, the fall in prices was further exacerbated when the United States Federal Reserve (Fed) raised rates once again to 0.75% to tackle inflation, promised to maintain a tough monetary policy and forecast That this year economic growth will be almost zero.

The Fed’s decisions and forecasts fell at a time when the winds of recession are blowing in the world.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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