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Tuesday, January 31, 2023

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Oil prices drop $2 on global economy fears

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The US could still have problems and some energy traders remain “skeptical about how quickly demand for oil from China will rise (Image: REUTERS/Archive)

The prices of Petroleum crude fell on Tuesday on concerns about a global economic slowdown and an expected rise in US crude inventories. USA.

Brent futures for March delivery fell $2.06, or 2.3%, to settle at $86.13 a barrel.

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US Crude Oil is down 1.49 dollar (USDBLR), or 1.8%, to $80.13 a barrel.

US business activity contracted in January for the seventh consecutive month, although the slowdown eased in manufacturing and services sectors for the first time since September and business confidence strengthened at the start of the new year.

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The US economy could still struggle and some energy traders remain “skeptical about how quickly demand for US crude China will recover this quarter,” Edward Moya, an analyst at OANDA, said in a note.

Euro zone business activity made a surprising return to modest growth in January, showed the S&P Global Composite Purchasing Managers Index (PMI).

However, British private sector economic activity fell at its fastest pace in two years.

The economies of the six members of the Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022, as oil revenues take a hit from an expected global slowdown, found a Reuters poll of economists.

Meanwhile, US crude oil inventories are believed to have risen by about 1 million barrels in the past week, while distillate inventories are forecast to fall, a preliminary Reuters poll showed on Monday. .

Reports are due by the American Petroleum Institute on Tuesday, and by the Energy Information Administration on Wednesday.

Source: Moneytimes

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