Oil Sinks 3 As Fears Of An Economic Slowdown Weigh On The Market

As of 8:43 am ET on Tuesday, Brent crude was down 2.82% at $102.19. The US benchmark, WTI Crude, fell 2.46% on the day to $94.62.
Oil prices posted their biggest daily gain in nearly six weeks on Monday after Brent hit $104 a barrel yesterday on concerns about supply from both Libya and Iraq, as well as the possibility of OPEC+ output cuts. . Demand concerns prevailed on Tuesday, with prices losing ground amid continued fears that aggressive rate hikes by central banks, including the Fed, would slow economies for a prolonged period. In a speech on Friday, Federal Reserve Chairman Jerome Powell said large interest rate hikes could continue and could slow the economy “for some time” and that interest rates could be higher for longer.
In addition, the oil market was, for now, sidelined by concerns that deadly fighting in Iraq would hurt the country’s oil industry and exports. At least 15 people were killed and dozens injured in overnight clashes in the Iraqi capital after protesters stormed the presidential palace on Monday. Fighting broke out in and around the Green Belt after hundreds of protesters loyal to powerful Shiite cleric Moqtada al-Sadar tore down concrete barriers and ran through the Republican Palace after the cleric announced on Monday that he would retire from politics. Iraq can increase its oil exports and will not refuse any request for more crude, Alaa Al-Yassiri, director general of state oil marketing company SOMO, told Bloomberg in an interview on Tuesday. SOMO could even redirect more Iraqi oil to Europe if needed, a source at the marketing company told Reuters today. By Tsvetana Paraskova for Oilprice.com More top reads from Oilprice.com:

title: “Oil Sinks 3 As Fears Of An Economic Slowdown Weigh On The Market Klmat” ShowToc: true date: “2022-11-08” author: “Mary Amos”

As of 8:43 am ET on Tuesday, Brent crude was down 2.82% at $102.19. The US benchmark, WTI Crude, fell 2.46% on the day to $94.62.
Oil prices posted their biggest daily gain in nearly six weeks on Monday after Brent hit $104 a barrel yesterday on concerns about supply from both Libya and Iraq, as well as the possibility of OPEC+ output cuts. . Demand concerns prevailed on Tuesday, with prices losing ground amid continued fears that aggressive rate hikes by central banks, including the Fed, would slow economies for a prolonged period. In a speech on Friday, Federal Reserve Chairman Jerome Powell said large interest rate hikes could continue and could slow the economy “for some time” and that interest rates could be higher for longer.
In addition, the oil market was, for now, sidelined by concerns that deadly fighting in Iraq would hurt the country’s oil industry and exports. At least 15 people were killed and dozens injured in overnight clashes in the Iraqi capital after protesters stormed the presidential palace on Monday. Fighting broke out in and around the Green Belt after hundreds of protesters loyal to powerful Shiite cleric Moqtada al-Sadar tore down concrete barriers and ran through the Republican Palace after the cleric announced on Monday that he would retire from politics. Iraq can increase its oil exports and will not refuse any request for more crude, Alaa Al-Yassiri, director general of state oil marketing company SOMO, told Bloomberg in an interview on Tuesday. SOMO could even redirect more Iraqi oil to Europe if needed, a source at the marketing company told Reuters today. By Tsvetana Paraskova for Oilprice.com More top reads from Oilprice.com:

title: “Oil Sinks 3 As Fears Of An Economic Slowdown Weigh On The Market Klmat” ShowToc: true date: “2022-12-12” author: “Amanda Tomlin”

As of 8:43 am ET on Tuesday, Brent crude was down 2.82% at $102.19. The US benchmark, WTI Crude, fell 2.46% on the day to $94.62.
Oil prices posted their biggest daily gain in nearly six weeks on Monday after Brent hit $104 a barrel yesterday on concerns about supply from both Libya and Iraq, as well as the possibility of OPEC+ output cuts. . Demand concerns prevailed on Tuesday, with prices losing ground amid continued fears that aggressive rate hikes by central banks, including the Fed, would slow economies for a prolonged period. In a speech on Friday, Federal Reserve Chairman Jerome Powell said large interest rate hikes could continue and could slow the economy “for some time” and that interest rates could be higher for longer.
In addition, the oil market was, for now, sidelined by concerns that deadly fighting in Iraq would hurt the country’s oil industry and exports. At least 15 people were killed and dozens injured in overnight clashes in the Iraqi capital after protesters stormed the presidential palace on Monday. Fighting broke out in and around the Green Belt after hundreds of protesters loyal to powerful Shiite cleric Moqtada al-Sadar tore down concrete barriers and ran through the Republican Palace after the cleric announced on Monday that he would retire from politics. Iraq can increase its oil exports and will not refuse any request for more crude, Alaa Al-Yassiri, director general of state oil marketing company SOMO, told Bloomberg in an interview on Tuesday. SOMO could even redirect more Iraqi oil to Europe if needed, a source at the marketing company told Reuters today. By Tsvetana Paraskova for Oilprice.com More top reads from Oilprice.com:

title: “Oil Sinks 3 As Fears Of An Economic Slowdown Weigh On The Market Klmat” ShowToc: true date: “2022-11-01” author: “Clark Miller”

As of 8:43 am ET on Tuesday, Brent crude was down 2.82% at $102.19. The US benchmark, WTI Crude, fell 2.46% on the day to $94.62.
Oil prices posted their biggest daily gain in nearly six weeks on Monday after Brent hit $104 a barrel yesterday on concerns about supply from both Libya and Iraq, as well as the possibility of OPEC+ output cuts. . Demand concerns prevailed on Tuesday, with prices losing ground amid continued fears that aggressive rate hikes by central banks, including the Fed, would slow economies for a prolonged period. In a speech on Friday, Federal Reserve Chairman Jerome Powell said large interest rate hikes could continue and could slow the economy “for some time” and that interest rates could be higher for longer.
In addition, the oil market was, for now, sidelined by concerns that deadly fighting in Iraq would hurt the country’s oil industry and exports. At least 15 people were killed and dozens injured in overnight clashes in the Iraqi capital after protesters stormed the presidential palace on Monday. Fighting broke out in and around the Green Belt after hundreds of protesters loyal to powerful Shiite cleric Moqtada al-Sadar tore down concrete barriers and ran through the Republican Palace after the cleric announced on Monday that he would retire from politics. Iraq can increase its oil exports and will not refuse any request for more crude, Alaa Al-Yassiri, director general of state oil marketing company SOMO, told Bloomberg in an interview on Tuesday. SOMO could even redirect more Iraqi oil to Europe if needed, a source at the marketing company told Reuters today. By Tsvetana Paraskova for Oilprice.com More top reads from Oilprice.com: