WTI and Brent crude oil prices fell in Asian trading today. After a strong surge this week WTI oil prices fell 0.2% to $87.12 per barrel. And Brent oil prices fell 0.2% to $91.13 a barrel.
Factors that put pressure on crude oil prices today include:
- Concerns that the world economy may enter a recession. This will cause the demand for oil to decrease as well.
- Strengthening of the dollar This makes crude oil more expensive for international buyers.
- Minutes from the US Federal Reserve (Fed) meeting indicate that the Fed will continue to raise interest rates. This may affect economic activity and oil demand.
Moreover, the conflict between Israel and Hamas This has caused crude oil prices to surge this week. It's starting to ease up a bit. This reduces concerns about oil supply in the world market.
However, fundamental factors supporting crude oil prices still exist. The supply of crude oil in the world market remains tight. This is because Russia and Saudi Arabia have greatly reduced production. In addition, the demand for crude oil in China It is the world's largest oil importer. Still going strong
In summary, crude oil prices are likely to remain volatile. Factors that put pressure on crude oil prices include concerns about the economic recession. appreciation of the dollar and the Fed's monetary policy Meanwhile, factors supporting crude oil prices include tight crude oil supply in the world market. and demand for crude oil remains strong
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