Oil is headed for big losses this week as concerns over the risk of the American and global economy going into recession due to restrictive monetary policies dominated the previous days, hitting the path of demand in the coming months.
US WTI remains below $103 a barrel, with the contract on course for a weekly decline of more than 5%. Prices have seen wild swings this week, with both WTI and Brent briefly falling below the psychological level of $100 a barrel.
The main concern of investors remains the possibility of a recession in the US due to aggressive increases in US interest rates by the Federal Reserve. Two central bank officials, Christopher Waller and James Bullard, in statements yesterday played down the chances of a recession, while at the same time expressing their support for another 75 basis point rate hike at the bank’s next meeting.
On the board, August WTI lost 0.1% to $102.65 a barrel, while September Brent gained 0.4% to $105.09 a barrel.
Source: Capital
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