Showing posts from April 23, 2023

Oil price falls again as economic worries dominate the sentiment

  The price of crude oil fell on Monday when the markets opened for business and it has since been back on the static trend despite the substantial production cuts by the OPEC+. Although analysts hoped that the significant crude draw announced by the API, American Petroleum Institute, on Tuesday would push the prices up, it did not materialize. Nor did the slight rise in price of LNG, liquified natural gas, boost it, as it used to do for the past few years; the price of natural gas, in fact, rose as a cold weather front is currently sweeping across the northers hemisphere that has resulted in temperatures plummeting to single digits - once again.  As of 09:15 GMT, the prices of WTI, Brent and LNG recorded $77.22, $80.77 and $2.26 respectively. The fact that the price of crude oil defies the over-the-top price hikes predicted by some analysts, clearly shows that the persistent worries over the economic outlook casts a long shadow over the  usual factors that potentially can sway the pri

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