Oil Is Recovering After Yesterday Losses Amid A Lookout For Stocks

 Oil prices rose in morning trade on Wednesday after WTI fell 1.23 dollars, or 2.3 percent, to 52.27 dollars a barrel, its biggest drop since Dec. 27. Despite reports of China's economic slowdown, which has raised fears of a demand backlash

In the future as a result of the continuing uncertainties surrounding the global economy. There are concerns about China's growth, which fell to its lowest level in 28 years. This may lead to lower demand growth than the market expects, and this may mean that the price of oil is failing to perform, as some investors expect.

Where the widespread economic slowdown has been a recent windswell of energy prices as it weakens demand for fuel.

Moreover, the price of oil may be affected by decisions related to Iranian sanctions. If concessions are extended, this may mean that supply growth is higher than previously expected.

Prices fell yesterday amid concerns about the impact of expectations of the global economic slowdown this year and next on the levels of demand for crude, especially after the expectations of the US Energy Information Administration, the US oil production increased by 62 thousand barrels per day to 8.179 million barrels per day in February.

A Bloomberg report pointed to oil losses on Tuesday near $ 53 a barrel on pessimism over the outlook for the US-China trade deal with the global economic outlook. Meanwhile, worries over the global economy have been exacerbated by disappointing US housing data and the International Monetary Fund, which has lowered its global growth forecast this week.

This threatens oil prices after prices began their best start since 2001 in the hope that the OPEC + producer group will cut enough production to cut world oil supplies

Oil trading

  • WIT crude futures for March delivery rose 0.26% to $ 53.15 a barrel at 8:15 am CET,
  • Brent crude for March delivery rose 0.37% to $ 61.73 a barrel, after falling yesterday to $ 61.50 a barrel.

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