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Oil rises after a local decline


June, 23 2022
watermark Economic news

Yesterday, oil finished trading lower from $112.40 per barrel to $108.05. But already on Thursday, the asset resumed growth, returning to $111.90 per barrel.


Pressure on Brent is exerted by investors' concerns about the likelihood of a global recession caused by an increase in interest rates by world central banks. A recession may lead to a decrease in energy consumption, which contributes to the fall in oil prices.


Additional pressure on prices was provided by data on crude oil inventories in the US. Yesterday, the American Petroleum Institute (API) reported that commercial oil inventories in the country rose by 5.6 million barrels in the week to June 17, while analysts had forecast a decline of 1.4 million. Official statistics from the US Department of Energy will be published today.


Moreover, increased purchases by China and India of Russian oil could also help lower global fuel prices and ease the supply gap.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.