Crude falls to six-month low on recession fears

Crude falls to six-month low on recession fears

LONDON, Aug 17 – Oil traded at a six-month low on Wednesday after briefly rising as concerns about the prospect of a global recession weakening demand overshadowed a report showing falling crude stocks. crude oil and gasoline in the United States.

* Wednesday’s data did little to improve the economic picture, as UK consumer price inflation accelerated to 10.1% in July, its highest level since February 1982, intensifying pressure on prices. homes.

* Brent crude fell as low as $91.51 a barrel, its lowest since February, and was down 38 cents, or 0.41%, at $91.98 by 1125 GMT, while West Texas Intermediate in the United States United States (WTI) was down 13 cents, or 0.15%, at $86.38.

* “The oil market is struggling to shake off recession fears, and there is little sign that this will change any time soon,” said Stephen Brennock of brokerage PVM.

* Earlier, prices were supported by a report that showed a drawdown in US crude and fuel stocks. Crude stocks fell by about 448,000 barrels and gasoline stocks by about 4.5 million barrels, according to sources citing figures from the American Petroleum Institute on Tuesday.

* Oil has soared in 2022, nearing an all-time high of $147 in March, after Russia’s invasion of Ukraine exacerbated supply concerns. Prices have since fallen as those concerns were outweighed by the prospect of recession.

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