Oil prices fell during trading today, Wednesday, by about 5%, heading towards recording monthly losses, with increasing concerns about the possibility of the United States economy heading towards recession due to the impact of High interest rates.
According to Arab Net, Brent crude futures fell more than $5, by 4.99%, to $108.93 a barrel.
US crude futures also fell by more than $6, by 5.51%, to $103.49 a barrel.
US Federal Reserve Chairman Jerome Powell is scheduled to testify before Congress later Wednesday about his efforts to curb inflation at the fastest pace in decades.
The International Energy Forum believes that global oil investment will remain stagnant this year, and may decline even as producers deal with high inflation and price volatility due to the Russian war in Ukraine, according to Bloomberg.
In a report released with IHS Markit, a research unit of S&P Global Platts, International Energy Forum Secretary-General Joseph McMonigle said spending must continue at around $525 billion annually through 2030 to meet global demand for crude oil and products.
