The crude oil contract closed lower on Friday (June 17) as investors are concerned about the economic recession. Many central banks want to raise interest rates to curb inflation, which may affect oil demand.
- WTI crude oil contract falls 8.03 dollars or 6.83%. Closed at $109.56 per barrel and closes 9.2% this week.
- BRENT crude oil contract falls by $6.69 or 5.58%. Closed at 113.12 per barrel and closes 7.3% this week.
According to analysts, the oil market is under pressure due to fears of lower energy demand as forecasts for a slowdown in the global economy increase.
In addition, the increasing trend toward Russian petroleum products in July caused oil prices to fall on Friday as well.
Russian Deputy Prime Minister Alexander Novak said Thursday (June 16) that Russian oil production is likely to rise in July after oil exports in June were higher than expected
In addition, the oil market was pressured after Baker Hughes, the U.S. oil drilling services provider, announced that the rig count in the United States increased by 4 rigs this week to 584 rigs, while the Canadian rig count increased by 104 rigs.
The Spot Market is Closed
Saturday, June 18, 2022