primer domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/ikq167bdy5z8/public_html/propertyresourceholdingsgroup.com/wp-includes/functions.php on line 6114The price of oil goes down because the dollar is getting stronger and people are buying less oil.
Oil prices dropped somewhat on Thursday after gaining more than $3 in the prior session, with a strong dollar constraining oil demand from purchasers using foreign currencies and fears about the weakening economic outlook clouding market sentiment.
By 3:37 GMT, the price of a barrel of Brent crude had decreased by 41 cents, or 0.5 percent, to $88.91, while the price of a barrel of crude in the United States had fallen by 35 cents, or 0.4 percent, to $81.80.
Both benchmarks had rebounded in the prior two sessions after reaching nine-month lows this week after a temporary dive in the dollar index and a larger-than-expected drawdown of US fuel inventory raised hopes of a consumer demand recovery.
Despite this, the dollar index continued its upward trend on Thursday, which stifled investor enthusiasm for taking risks and stoked fears of a worldwide economic slowdown.
The Bank of England said it is committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14 to stabilise its currency after the British government’s fiscal plans published last week caused the sterling to drop.
Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger US dollar, but said global supply disappointments reinforced its long-term bullish outlook.
Travel during China’s week-long national holiday is expected to hit its lowest level in years as Beijing’s persistent zero-COVID rules prompt people to stay at home and economic woes dampen spending. China is the world’s largest crude oil importer.
The GDP growth prediction for China has been revised downward by Citi economists to 4.6 percent for the fourth quarter of 2022, from 5 percent year-on-year growth previously projected.
According to what analysts from Citi stated in a note that was released on Wednesday, “Stringent zero-COVID measures and a sluggish property sector continue to cloud GDP forecasts.”
On the opposite side of the planet, the European Union proposed a new wave of penalties on Russia over its invasion of Ukraine, including harsher trade restrictions, more individual blacklistings and an oil price cap for third countries.
But the bloc’s 27 member countries will need to overcome their own disagreements to implement them.
