Oil Prices Drop Below $100 Per Barrel
This morning, WTI crude oil is selling for less than $100 per barrel, which is the lowest price since April 2022. The cost of oil decreased by 8% yesterday.
The recent decline in black gold prices may be due to increased investor concerns that the world economy, and particularly the European economy, could experience a recession. Additional limitations resulting from fresh COVID-19 breakouts in China and the strongest US currency in 20 years are added to this.
Today’s statistics on U.S. inflation might reach 8.8 percent, which would be the greatest rate of price growth since 1981. Core inflation, however, is anticipated to drop from 6 to 5.7 percent for the second consecutive month. Core inflation in the US reached its highest point in March when it was 6.5 percent. The Federal Reserve’s intentions to raise interest rates by another 75 basis points, though, don’t seem to be changing, which may fuel concerns about a recession and drive up oil prices.
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