oil prices came under heavy bearish pressure heading into the weekend and the barrel of West Texas Intermediate (WTI) fell below $110.00 for the first time in three weeks. At the time of writing, WTI lost 6.4% on the day, trading at $109.50.
Investors are increasingly concerned about the outlook for energy demand as major central banks continue to tighten policies to fight inflation despite recession risks.
Citing the Tass news agency, Reuters reported earlier in the day that the Russian deputy energy minister expected Russia’s oil exports to rise in 2022 despite Western sanctions and a European embargo.
Meanwhile, weekly data released by oil services company Baker Hughes revealed that the number of active oil rigs in the US rose by 4 to 584 in the week to June 17.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
