Oil prices experienced a 2% drop as concerns over the US debt ceiling standoff and rising jobless claims weighed on market sentiment. The stronger US Dollar further added pressure to crude prices, reaching its highest level in a week against major currencies. Brent crude fell to around $75 per barrel from $78 earlier in the week, sparking recession fears amidst global economic concerns and political tensions. While this may imply cheaper fuel prices, a stronger dollar can strain countries that import oil.

Recession fears ignite oil market turbulence

Oil prices rebounded at the end of the week gone by, but still experienced their third consecutive weekly decline. This was following concerns of the US banking crisis causing an economic slowdown and a decline in fuel demand.

Crude prices to remain elevated

Oil futures were little changed in Asia on Wednesday as hopes of improved Chinese demand offset uncertainty about how a Western cap on Russian oil prices would play out, keeping markets on edge after a sharp fall in the previous session.

Oil steadies after fall as China demand revival hopes offset Russia price cap uncertainty

Iran slashed oil prices to remain in competition in the market in China as Beijing buys Russian crude in large volumes.

Iran doubles discount on crude for China to compete with Russia

Crude prices rose on Thursday, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later on Thursday (April 01) would yield output constraint in the face of resurgent COVID-19 infections in some regions.

World Business Watch: Oil gains ahead of OPEC+ meet on output policy

crude-price

Crude Price, News on Crude Price, stories on Crude Price, articles on Crude Price, Crude Price stories at Wion, Crude Price news, Crude Price latest news