Oil prices fluctuated on Tuesday as traders continued to assess the outlook for commodity demand prime while global growth slows amid short-term short-term supply in the crude oil market.
West Texas Intermediate crude fell to $ 84 a barrel, while Brent crude, the international benchmark, fell below $ 93.
Traders are weighing the impact of interest rate hikes that threaten economic growth, versus production cuts planned by the Organization of the Petroleum Exporting Countries and its allies.
Oil price volatility has eased in recent days as prices have struggled to orient themselves. Oil has remained heavily influenced by broader market trends and the trend of the dollar in recent weeks, after central banks embarked on one of the stiffest interest rate hike cycles in decades.
JPMorgan CEO Jamie Dimon said on the sidelines of the Future Investment Initiative events in Riyadh that he is currently more concerned about geopolitical tensions than the severity of the expected recession.
Tamas Varga, an analyst at PVM Oil Associates, said the deterioration in investor sentiment, which is reflected in explicit and weaker price levels, it is the result of recession fears, higher financing costs and a strong dollar, Bloomberg reported.
Read More About: Business News