Oil falls close to 2022 lows on economic worries, easing supply fears - Business News| Latest News & Reviews On Financial Markets | Themarkettrendz

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Wednesday, 7 December 2022

Oil falls close to 2022 lows on economic worries, easing supply fears

Oil weakened on Wednesday, with Brent crude falling close to its lowest this year, pressured by concern about recession and easing fears that a Western cap on Russian oil prices would significantly curb supply.Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets.

from Commodities-Markets-Economic Times
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