{"id":227567,"date":"2022-06-22T23:55:32","date_gmt":"2022-06-22T23:55:32","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=227567"},"modified":"2022-06-22T21:22:14","modified_gmt":"2022-06-22T21:22:14","slug":"oil-prices-55","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/oil-prices-55\/","title":{"rendered":"Oil prices fall in light of expectations of recession in US"},"content":{"rendered":"

London, (Business News Report)|| <\/strong>Oil prices fell, on Wednesday, in light of expectations that the US economy will enter a recession in the coming period.<\/p>\n

The Joe Biden administration is preparing to intensify its fight against high oil prices by calling for a tax exemption on gasoline.<\/p>\n

In Wednesday’s trading, West Texas Intermediate crude fell, to below $106 a barrel, with investors worried about the impact of higher interest rates in the United States, according to Bloomberg.<\/p>\n

Federal Reserve Chairman Jerome Powell is scheduled to testify before Congress on Wednesday about his attempt to rein in inflation at the fastest pace in decades.<\/p>\n

Concerns are growing about a possible economic slowdown in the US, which could weaken energy demand, especially after the Federal Reserve raised interest rates.<\/p>\n

Prominent economic figures, including Tesla CEO Elon Musk and economist Nouriel Roubini, also warned of the increasing possibility of the world’s largest economy falling into a recession.<\/p>\n

West Texas Intermediate crude for August delivery fell 3.5% to $105.73 a barrel on the New York Mercantile Exchange at 11:15 am in Singapore.<\/p>\n

Brent crude for August delivery lost 3.1% to $111.06 a barrel on the European ICE Futures Exchange.<\/p>\n

Bloomberg news agency quoted an informed source as saying that US President Joe Biden will call for a tax exemption on gasoline after the average retail price in the United States exceeded $5 per gallon this month after an increase of more than 50% in 2022.<\/p>\n

Meanwhile, the White House asked the heads of 6 oil companies to meet on Thursday to discuss ways to reduce high energy prices.<\/p>\n

Exxon Mobil warned this week that crude oil markets could suffer from tight supplies for years.<\/p>\n

The Vitol Group<\/a>, the world’s largest independent oil trader, indicated that crude prices will be supported by rising fuel demand in China.<\/p>\n

The higher profit margins for refineries also provide an incentive to buy more barrels of crude oil.<\/p>\n

Goldman Sachs said in a note: \u201cWith demand for commodities rising against supply; Markets remain tight even as growth rates slow, as evidenced by the high level of rapid decline in key markets such as oil.\u201d<\/p>\n

“Investors should remember that the slowdown caused by the Fed’s decisions is simply short-term relief of symptoms and inflation, not a cure for the problem of underinvestment,” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

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