Oil prices down 3% with recession fears in focus & More News

 

A common view reveals the oil refinery of the Lukoil firm in Volgograd, Russia April 22, 2022. REUTERS/REUTERS PHOTOGRAPHER

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  • Brent, WTI down on weekly foundation
  • Recession fears weigh as main central banks hike charges
  • Stalled Iran nuclear deal, Ukraine issues cap oil’s losses

LONDON, Sept 23 (Reuters) – Oil prices dumped on Friday to commerce at ranges not seen since January because the greenback index hit its strongest degree in twenty years and on demand fears as rising rates of interest risked tipping main economics into recession.

Brent crude futures fell $2.65, or 2.93%, to $87.81 a barrel by 1244 GMT. U.S. West Texas Intermediate (WTI) crude futures have been additionally down, retreating by $2.83, or 3.39%, to $80.66.

Front-month Brent and WTI contracts have been down 3.78% and 5.37% respectively over the previous week.

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Global equities hit a two-year low on Friday whereas the greenback index reached its highest degree in twenty years, placing downward stress on oil.

“Weak European PMIs, development issues as results of aggressive financial coverage tightening in the US and Europe are weighing on threat belongings. Oil prices usually are not proof against these development issues,” Giovanni Staunovo, analyst at UBS, stated.

A downturn in enterprise exercise throughout the euro zone deepened in September, a survey confirmed, suggesting {that a} recession is looming as shoppers rein in spending to contend with a price of residing disaster. learn extra

“European fairness gauges are ending the week on a damaging notice amid fears that price hikes will push main economies into recession,” PVM Oil Associates stated in a notice.

Russia launched referendums on Friday geared toward annexing 4 occupied areas of Ukraine, which Kyiv known as an unlawful sham that it stated included threats to residents if they don’t vote. learn extra

After the U.S. Federal Reserve raised rates of interest by a hefty 75 foundation factors on Wednesday, central banks world wide adopted swimsuit with hikes of their very own, elevating the danger of financial slowdowns. learn extra

In Britain, in the meantime, the pound fell to a 37-year low and authorities bonds crashed after the brand new finance minister introduced historic tax cuts and big will increase to borrowing. learn extra

On the oil provide aspect, efforts to revive the 2015 Iran nuclear deal have stalled as Tehran insists on the closure of the U.N. nuclear watchdog’s investigations, a senior U.S. State Department official stated, easing expectations of a resurgence of Iranian crude oil exports. learn extra

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Reporting by Julia Payne
Additional reporting by Emily Chow in Singapore
Editing by David Goodman and Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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