Oil prices fell again on Thursday (23) again on fears of a possible recession in the United States that would affect oil demand, although supply problems persist.
In London, a barrel of North Sea Brent for August delivery lost 1.51% to $110.05.
While in New York, a barrel of West Texas Intermediate (WTI) for same-month delivery dropped 1.80% to $104.27.
“The market is uneasy about (Federal Reserve Chairman Jerome) Powell’s statements, and fears (seeing the economy) fall into recession, which would affect demand” for oil, explained Andy Lipow of Lipow Oil. associates.
Powell ran for Congress for two days of hearings on Wednesday and Thursday and repeated that the fight against inflation is central to the organization. “We’ll need proof that it actually goes down before we can declare ‘mission accomplished,” Powell said.
For Moya, some indicators show that an economic slowdown is underway.
Due to technical problems, the US Energy Information Agency (EIA) announced that it would not publish weekly oil reserves data and demand figures this week.
A meeting between Joe Biden’s Secretary of Energy, Jennifer Granholm, and the top leaders in the oil refining sector ended without concrete announcements. The government seeks to increase the supply of fuels.
