Oil prices are falling amid concerns about demand and further tightening of monetary policy by central banks – Trading Economics
WTI oil futures dropped to 69 dollars per barrel
The Federal Reserve, the European Central Bank, and the Bank of England have indicated readiness for further interest rate hikes this year in order to reduce inflation. According to analysts, this could hinder global growth and future demand for energy carriers.
This is reported by Trading Economics.
It is noted that heightened economic uncertainty in China and the absence of aggressive measures from Beijing aimed at stimulating growth have also clouded the demand prospects for the world's largest oil importer.
Meanwhile, official data showed that last week's US oil inventories decreased by 9.6 million barrels, significantly exceeding forecasts of a decrease of 1.757 million barrels.
Investors are also worried about Saudi Arabia's voluntary cut in supply in July, which comes on top of existing production cuts already agreed by OPEC+ members, the publication summarised.
Background. Earlier, Mind reported that, according to Bloomberg, India would not be able to further increase purchases of russian oil.
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