Oil prices have started going up again.

Thursday, August 18, 2022
Oil prices have started going up again.

On August 17, oil prices rose, rising from the six-month low of the day before. A higher than forecasted drop in oil and gasoline inventories in the US reminded investors of petroleum demand’s resilience, even in the face of a global recession, writes Reuters. Brent crude oil futures rose 0.6% to $92.90 per barrel. West Texas Intermediate (WTI) crude futures rose 0.7% to $87.15 a barrel. Contracts fell about 3% on Tuesday as weak US homebuilding data fueled fears of a global recession. According to Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd, the oil market is expected to remain under pressure with relatively high volatility due to fears of a potential global recession.

Support independent journalism team

Dear Ukraine Business News reader, we are a team of 20 Ukrainian journalists, researchers, reporters and editors who would humbly ask for your support.

Previous post
EU gas prices are roughly seven times higher than gas prices in the US.

EU gas prices are roughly seven times higher than gas prices in the US.

Next post
In 2023, a new checkpoint will be opened on the border with Poland.

In 2023, a new checkpoint will be opened on the border with Poland.

Previous Main Topics