oil prices turned red on Thursday, with the American WTI by below 90 Dollars the barrel for the first time since the invasion of Ukraine, after a meeting of the Organization of Petroleum Exporting Countries and its allies (Opec+) and the unexpected rise in reserves in the United States.
(See: June, highest month in oil production since December 2020).
The barrel of West Texas Intermediate (WTI) for delivery in September lost 1.30%, to 89.48 dollars.
the barrel of Brent North Sea, for delivery in October, fell 2.58%, down to $94.11.
(See: Opec + granted only a slight increase in oil production).
Fears of a global recession are back in the spotlight, putting aside the lack of ‘black gold’ in the market.
For its part, the Bank of England announced on Thursday that it expects the United Kingdom be in recession for more than a year starting in October 2022.
(See: Venezuela offers oil to Europe under payment in advance).
AFP
