• Register

Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

The oil market is declining at the beginning of a new trading week


June, 13 2022
watermark Economic news

At the beginning of the trading week, the oil market fell to its lowest level in almost a week under pressure from news about inflation in the United States and concerns about a decrease in oil demand in China.


If on Friday Brent oil was trading above $124 per barrel, today the asset has fallen to a minimum in a few days – $119.36. 


Pressure on prices was exerted by news about new cases of coronavirus in China. Investors fear that the increase in morbidity may lead to the introduction of new restrictions on movement, which have only recently begun to be lifted. And since China is the largest oil exporter, the demand for raw materials in this case will significantly decrease. 


This news overshadowed even the current problems in Libya, where the civil war over the past couple of weeks has led to the cessation of production of more than 1 million barrels of oil per day.


An additional negative impact on oil prices was provided by the statistics on inflation in the United States, which showed an increase in consumer prices by 8.6% in May. It is worth noting that over the weekend, gasoline prices in the United States for the first time in history exceeded $5 per gallon on average in the country.


Top Top