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14 October 2022 | Other

Oil is likely to fall due to growing recession risks

Brent
WTI Light Crude Oil

The price for oil fluctuates as reduced energy consumption is possible due to the upcoming global recession and further monetary tightening. 

U.S. inflation data, published on October 13, spurred market expectations. Experts say the Federal Reserve (Fed) is expected to hike interest rates at its last two sessions in 2022. Thus, the regulator is trying to slow heightened inflation rates in the U.S. 

Country’s macroeconomic picture, along with the Fed's expected measures to counter OPEC+ supply cuts, could contribute to lower oil prices in the short run," noted Warren Patterson, head of commodities strategy at ING Groep NV. "However, as for the medium and long terms, there is a limited market pointing to a risk of higher prices."

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