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Oil prices slump to lowest since before Ukraine invasion as recession fears weigh

By Noah Browning LONDON/NEW YORK (Reuters) -Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine as traders fretted over...
Oil prices slump to lowest since before Ukraine invasion as recession fears weigh © Reuters. FILE PHOTO - A PetroChina worker inspects a pump jack at an oil field in Tacheng, Xinjiang Uighur Autonomous Region, China June 27, 2018. REUTERS/Stringer AT

By Noah Browning

LONDON/NEW YORK (Reuters) -Global oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand.

Benchmark Brent crude futures dropped more than 3% to $93.81 a barrel after touching a mid-session low of $93.20, the lowest since Feb. 21. West Texas Intermediate (WTI) crude futures fell 2.7% to $88.21 after touching the lowest since Feb. 3 at $87.97.

The fall in oil prices could come as a relief to large consumer nations like the United States and countries in Europe that have been urging producers to ramp up output to offset tight supplies and combat raging inflation.

Oil had surged to well over $120 a barrel earlier in the year after a sudden rebound in demand from the darkest days of the COVID-19 pandemic combined with supply disruptions stemming from sanctions on major producer Russia over its invasion of Ukraine.

Thursday's selling followed an unexpected surge in U.S. crude inventories last week. Gasoline stocks, the proxy for demand, also showed a surprise build as demand slowed under the weight of gasoline prices near $5 a gallon, the Energy Information Administration said.

The demand outlook remains clouded by increasing worries about an economic slump in the United States and Europe, debt distress in emerging market economies, and a strict zero COVID-19 policy in China, the world's largest oil importer.

"A break below $90 is now a very real possibility which is quite remarkable given how tight the market remains and how little scope there is to relieve that," said Craig Erlam, senior market analyst at Oanda in London.

"But recession talk is getting louder and should it become reality, it will likely address some of the imbalance."

Further pressure followed fears that rising interest rates could slow economic activity and limit demand for fuel. The Bank of England (BoE) raised rates on Thursday and warned about recession risks.

An OPEC+ agreement on Wednesday to raise its output target by just 100,000 barrels per day (bpd) in September, equivalent to 0.1% of global demand, was viewed by some analysts as bearish for the market.

OPEC heavyweights Saudi Arabia and the UAE are also ready to deliver a "significant increase" in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said.

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20-08-2022 02:51:48 (UTC+7)

EUR/USD

1.0036

-0.0052 (-0.52%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.0036

-0.0052 (-0.52%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.1825

-0.0106 (-0.88%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

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Sell (0)

USD/JPY

136.85

+0.98 (+0.72%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (3)

AUD/USD

0.6875

-0.0043 (-0.62%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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USD/CAD

1.2994

+0.0046 (+0.36%)

Summary

↑ Buy

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EUR/JPY

137.35

+0.27 (+0.20%)

Summary

Neutral

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EUR/CHF

0.9622

-0.0029 (-0.31%)

Summary

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Gold Futures

1,760.75

-10.45 (-0.59%)

Summary

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Silver Futures

18.968

-0.496 (-2.55%)

Summary

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Copper Futures

3.6625

+0.0310 (+0.85%)

Summary

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Crude Oil WTI Futures

90.12

-0.38 (-0.42%)

Summary

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Brent Oil Futures

96.03

-0.56 (-0.58%)

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Natural Gas Futures

9.307

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216.20

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Euro Stoxx 50

3,730.32

-47.06 (-1.25%)

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S&P 500

4,231.80

-51.94 (-1.21%)

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DAX

13,544.52

-152.89 (-1.12%)

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FTSE 100

7,550.37

+8.52 (+0.11%)

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19,773.03

+9.12 (+0.05%)

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US Small Cap 2000

1,954.05

-47.36 (-2.37%)

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IBEX 35

8,338.10

-92.20 (-1.09%)

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BASF SE NA O.N.

43.035

-0.405 (-0.93%)

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Bayer AG NA

54.40

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Sell

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Allianz SE VNA O.N.

176.02

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Adidas AG

165.60

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Deutsche Lufthansa AG

6.275

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Summary

Buy

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Siemens AG Class N

108.20

-2.06 (-1.87%)

Summary

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Deutsche Bank AG

8.496

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Summary

Neutral

Moving Avg:

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 EUR/USD1.0036Neutral
 GBP/USD1.1825↑ Buy
 USD/JPY136.85Sell
 AUD/USD0.6875↑ Buy
 USD/CAD1.2994↑ Buy
 EUR/JPY137.35Neutral
 EUR/CHF0.9622↑ Sell
 Gold1,760.75↑ Buy
 Silver18.968↑ Sell
 Copper3.6625↑ Buy
 Crude Oil WTI90.12↑ Sell
 Brent Oil96.03↑ Sell
 Natural Gas9.307↑ Sell
 US Coffee C216.20↑ Sell
 Euro Stoxx 503,730.32↑ Buy
 S&P 5004,231.80↑ Buy
 DAX13,544.52Neutral
 FTSE 1007,550.37↑ Buy
 Hang Seng19,773.03Neutral
 Small Cap 20001,954.05↑ Buy
 IBEX 358,338.10↑ Buy
 BASF43.035↑ Buy
 Bayer54.40Sell
 Allianz176.02↑ Sell
 Adidas165.60↑ Sell
 Lufthansa6.275Buy
 Siemens AG108.20↑ Sell
 Deutsche Bank AG8.496Neutral
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Cập nhật 20-08-2022 02:51:50
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$1,747.17-11.41-0.65%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
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WTI$89.83+0.420.46%
Brent$95.60+0.260.27%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 18:54:07 19/08/2022
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