Wednesday, November 30, 2022
HomeAll Ch00 Ch00 NewsOil Extends Drop As Geopolitical Tensions Decline

Oil Extends Drop As Geopolitical Tensions Decline

Listen To The Article Below

 

a

s geopolitical concerns eased, oil investors shifted their views back to the demand outlook, and oil fell, extending its losses.

West Texas Intermediate fell to nearly $84 per barrel, after dropping 1.5% Wednesday.

Affecting investor sentiment was a JPMorgan Chase projection showing the US will enter a “mild” recession next year produced by the interest rate hikes of the Federal Reserve, as well as a rising number of Covid cases in China, which are increasing the likelihood of a lockdown. Earlier in the week OPEC cut its demand forecast.

There was a brief fear that a missile which struck Poland and killed two people had been launched by Russia, which could have formed the basis for an Article V expansion of the war, bringing in NATO forces in a direct clash with Russia. However subsequent analysis showed that despite Ukraine’s denials, the missile appeared to have been Ukrainian. After a short power outage, the Druzhba oil pipeline which carries oil to the West was restarted, as the possibility of a greater expansion of the war abated.

READ THE REST @thefinancialtrends
READ MORE @CH00 CH00 NEWS
RELATED ARTICLES

Chillin @ Choo's

LIVE: Eruption at Mauna Loa Volcano, Hawaii

War Room Live 7-9 am 2-4 pm PST

Seattle
overcast clouds
38.8 ° F
42.6 °
33.2 °
92 %
4.5mph
100 %
Wed
39 °
Thu
33 °
Fri
33 °
Sat
33 °
Sun
34 °

ALL CHOO CHOO NEWS

Donate to $Ch00Ch00News

Ch00 Ch00 News
13036 SE Kent Kangley Rd, Suite #237
Kent, WA 98030

https://cash.app/$Ch00Ch00News

DONATE