Amidst fears of a shortage of supply, and after a sharp decline, oil prices reduced their losses, as oil prices compensated today, Wednesday, the large losses incurred in the previous session, with attention focused on the lack of supply from Russia and Libya, while Data showed a decline in US stocks last week. Here's where.
Brent crude futures increased 66 cents, or 0.6%, to $ 107.91 a barrel by 0623 GMT, while the price of West Texas Intermediate crude futures, which expires today, rose 46 cents, or 0.5%, to $ 103.02 a barrel.
And the two crudes fell 5.2% in volatile trading on Tuesday, after the International Monetary Fund cut its global growth forecast by almost a full percentage point, citing the economic effects of Russia's war in Ukraine, and warning that inflation is now a real and clear danger in the world. many countries.
Global oil prices fluctuated, but were supported by expectations of production shortfalls after sanctions were imposed on Russia, the world's second largest oil exporter and one of Europe's main suppliers. Expectations of slowing global growth and the continuation of lockdown measures due to Covid-19 in China also hurt demand in the world's largest oil importer
