Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil prices decline, ending the week in the red


September, 23 2022
watermark Economic news

At the end of the week, oil is losing ground again, coming under pressure from fears of a recession in the global economy after interest rates were raised by central banks around the world. The US Federal Reserve System, the Bank of England and the Swiss Central Bank raised interest rates. At the same time, the Central Bank of Japan left the rate at a negative level of minus 0.1%, maintaining a soft policy.


The current price of Brent oil is $87.60 per barrel. Yesterday, the asset was trading near the level of $92.60 per barrel. The quotes of North American WTI oil are located at $80.60 per barrel after rising to $85.60. 


Experts note that OPEC countries may resort to further reduction of oil production if the market continues to decline, since the current price level affects the budgets of cartel members. It is also noted that a stronger decline in prices is restrained by expectations of a reduction in supply on the market, including supplies from Russia.


Tonight, we should pay attention to the publication of weekly statistics on the number of operating oil drilling rigs in the United States from Baker Hughes. Over the previous working week, their number increased by eight, to 599 units.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.