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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 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.