Crude oil closes: weighing the impact of the recession and tight supply Crude oil closed up en masse

News on October 18, investors weighed recession fears and tight crude oil supply, crude oil futures closed higher
after a sharp decline last week.
Previously, in the past six trading days, New York crude oil futures have recorded five trading days of decline
.

November futures for West Texas Intermediate crude on the New York Mercantile Exchange rose $1.
11, or 1.
3 percent
, to $86.
72 a barrel.
It fell 7.
6%
last week.
ICE Futures Europe Brent crude futures for December rose $1.
30, or 1.
4 percent, to $92.
93 a barrel, after falling 6.
4 percent
the week before.

Gasoline prices rose 1.
2 percent to $2.
6636 a gallon on the New York Mercantile Exchange in November and heating oil rose 2.
9 percent to $
4.
096 a gallon in November.
November natural gas futures fell 7.
5 percent to $5.
972/MMBtu, after falling 4.
4 percent
last week.

New York crude and Brent crude futures fell sharply last week, recouping much of the gains they made earlier this month after the Organization of the Petroleum Exporting Countries and its allies agreed to cut production by 2 million barrels per day starting in November
.

Financial market volatility last week highlighted concerns that the global economic downturn could dampen crude demand, but potential supply constraints and OPEC+'s willingness to cut production amid U.
S.
anger were seen as supporting oil prices
.

Mihir Kapadia, CEO of Sun Global Investments, said in market commentary: "Despite strong opposition from the White House, OPEC+ voted to cut production by 2 million barrels per day to support oil prices, coupled with a sharp rise in inflation in Europe and the United States, this friction will only intensify
further in 2023 as recession fears grow.
"

Walid Koudmani, chief market analyst at XTB, said in a note, "Prices are likely to continue to be volatile in the near term as overall economic uncertainty and investor sentiment continue to play a key role in price action while investors await this week's macroeconomic reports and speeches from central bankers, as well as earnings reports
from major Wall Street companies.
" "

WTI crude futures hovered in an interesting technical position, testing short-term support near $84.
50 that successfully capped the recent downward movement, the analyst said
.
"If this area is broken, it could trigger greater volatility that could lead to further speculation
about the upcoming OPEC+ production target.
"