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Recession fears continue to cause market concerns International oil prices plummeted

 Last Update: 2023-01-07
 Source: Internet
 Author: User

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Craig Elram, senior market analyst at Chubb, said it now looks like multiple central banks have accepted recession as the price to control inflation, and oil demand could come under
pressure next year.

Mani Hi Raja, chief financial officer of Villandra Energy Partners, said oil prices fell
along with financial markets as traders worried about a Great Recession.
Geopolitical tensions, multi-decade inflation and a rising dollar index will undoubtedly lead to the destruction
of oil demand.

Data released by oilfield services company Baker Hughes showed that the number of active oil rigs in the United States this week was 602, up 3 month-on-month and 181 year-on-year
.
During the same period, the number of active oil rigs in Canada was 148, an increase of 2 month-on-month and 52 year-on-year
.

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