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Oil Rebound Stalls as Recession Fears Outweigh Supply Crunch
A rebound in oil prices appeared to be running out of fuel on Wednesday as fears of slowing short-term demand offset a potential supply shortage stemming from OPEC production cuts and a hurricane in the Gulf of Mexico. Prices remained close to eight-month lows, as rising interest rates and growing fears of an economic slowdown dented expectations of short-term demand. London-traded Brent oil futures rose 0.1% to $84.46 a barrel, while U.S. West Texas Intermediate futures fell 0.5% to $78.15 a barrel by 21:19 ET (01:19 GMT). Both contracts rallied nearly 2% each on Tuesday. Concerns over slowing demand came back into ... (full story)
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- Posted: Sep 27, 2022 11:34pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 86
