Oil prices stabilize after a rapid decline during this week

There has been a rapid decline in crude oil prices this week due to fears of a recession in the U.S. in 2023. The threat of an economic downturn is driven by high levels of inflation and continued interest rate hikes.

At the same time, markets didn’t react strongly to an emergency shutdown of the Keystone pipeline after a recent oil spill in Kansas. Analysts even noted that disruptions in supply didn’t have a significant impact on demand. 

Markets are mostly focused on U.S. producer inflation data for the previous month. It will be released later on Friday, December 9. Levels of inflation are expected to get slightly lower than in October. However, markets continue to cautiously search for signs of potentially higher price pressures.