Oil prices fell for the fourth consecutive day. Bloomberg reports. Never before in 2023 have there been so many consecutive days of falling oil prices.
The price of a barrel of West Texas Intermediate oil dropped below $76 today, while the value of the dollar even increased. The benchmark for U.S. crude oil is down more than four percent this week. As a result, the price of oil continues to fluctuate, it was thought that the recovery of the Chinese economy would stabilize the markets. But so far there doesn’t seem to be much of that.
Also, inflation is still present in the US. Whether the Federal Reserve will raise interest rates further to fight stubborn inflation remains to be seen.
Ensure
Meanwhile, markets are worried about those potential rate hikes, which could extend another 50 basis points. UBS analyst Giovanni Staunovo also expressed his concerns. “If there was such an increase, it would only increase the pressure on oil.
Despite concerns, relatively small fluctuations in crude oil prices mean market volatility is at its lowest level in a year.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
