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Oil closes with falls of up to 1.02% for fear of a recession in the US

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Oil closes with falls of up to 1.02% for fear of a recession in the US

Oil, which began the day on the rise, closed lower this Thursday, affected by the fall in the stock markets due to the fear of investors about the evolution of the United States economy.

the barrel of Brent for delivery in February fell 0.84%, to 80.98 dollars, in London while in New York, that of West Texas Intermediate (WTI), also for February, gave up 1.02%, to 77.49 dollars.

Initially, a much larger-than-expected drawdown in US crude inventories had pushed prices higher. oil prices.

But in Wall Streetinvestors increasingly fear that the US central bank (Fed) will maintain a tight monetary policy to curb inflation even at the risk of a recession.

All the Wall Street indices fell and the Nasdaq lost more than 2 percent.

“The oil market has been pressured by equity selling due to fears of an upcoming recession, especially given that the Fed will continue to raise rates and keep them at a high level for some time,” Andy Lipow told AFP. , of Lipow Oil Associates.

“That will influence energy demand,” he added.



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