Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Oil Prices Fall Below $90 First Since Ukraine Invasion on Recession Worries

Commodities Aug 04, 2022 03:33PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
LCO
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
-4.86%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Yasin Ebrahim

Investing.com -- U.S. crude oil prices slipped below $90 a barrel Thursday for the first time since Russia invaded Ukraine amid ongoing concerns about demand on worries about a wobble in the global economy.

On the New York Mercantile Exchange crude futures fell about $2.12 to settle at $88.40 a barrel, while on London’s Intercontinental Exchange, Brent slipped $2.66 to settle at $94.12 a barrel.

The plunge in oil prices to the lowest level since February has been driven by ongoing concerns that slowing global growth will hurt oil demand, and data earlier this week showing a surprise rise in U.S. inventories.

The U.S. Energy Information Administration reported on Wednesday that crude oil inventories increased by 4.5 million barrels for the week to July 29, confounding expectations for a 629,000 decline.

Still, market participants point to the tight level of oil supply and the potential of an energy crisis in Europe that could helped keep losses in oil prices in check.

“There’s a supply issue…it’s not just demand,” Chief Strategist at Spouting Rock Asset Management Rhys Williams told Investing.com in an interview on Thursday.

“There’s not a lot of supply and not a lot of excess supply, so as you’re going into the winter months, that’s going to put a bid into oil, and certainly whatever happens in Ukraine could exacerbate that if indeed the Russians cut Europe off completely,” Rhys added.

Oil Prices Fall Below $90 First Since Ukraine Invasion on Recession Worries
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Tao of Wall Street
WallStr Aug 05, 2022 2:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
True intentions for pricing - SPECULATION FOR PROFIT. Price is GREED driven. No other valid reasons exist. Demand is never a reason, unless used as tactic in newsreporting to make speculators seem less greedy.
Robin Limbu
Robin Limbu Aug 04, 2022 4:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oil price is down more then the expectations
Elvis Durant
Elvis Durant Aug 04, 2022 4:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"Recession Fears..." "ease of recession fears..." here we go again 😫🤣
Tom Michaels
Tom Michaels Aug 04, 2022 4:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Pricing is a sham. Look at the record profits. Duh
Rubbing Hands
Rubbing Hands Aug 04, 2022 3:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
meanwhile their writing articles about recession chances going down and posting them under the es. totally nonsense from these articles!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email