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Oil prices remain stable on multidirectional factors


March, 09 2023
watermark Economic news

World oil prices on Thursday are fairly stable, maintaining a flat trend in the area of $82.60 per barrel (Brent crude). North American WTI crude is trading near $76.60 per barrel. Oil quotes are influenced by several multidirectional factors at once. 


Firstly, the markets continue to assess the prospects for demand against the background of recession risks and statements by the US Federal Reserve System. Earlier this week, central bank Governor Jerome Powell reiterated the regulator's intention to continue raising the discount rate in the fight against inflation. And as you know, the tightening of monetary policy increases fears about a recession, which, in turn, is negative for the prospects of demand.


On the contrary, statistics from the US Department of Energy on crude oil reserves in the country have a positive impact on quotes. According to a recent report, commercial oil reserves for the week to March 3 decreased by 1.7 million barrels, while analysts expected an increase of 400 thousand barrels. 


Oil production in the United States for the week decreased by 100 thousand barrels per day, to 12.2 million barrels per day.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.