2023-06-06 17:23:57
Oil prices
Oil prices witnessed a state of variation, on Tuesday, following they had been exposed to declines of more than 2 percent the previous day, as fears of slowing global economic growth, which might reduce energy demand, erased the impact of the OPEC + announcement, extending production cuts.
Brent crude rose by $2.6 on Monday, while Nymex crude rose by $3.3, a few hours following OPEC Plus announced an extension of its oil production cuts to adjust the market balance.
Analysts at Citi Banking Group indicated, in a note on Tuesday, that weak demand, increased non-OPEC supply, slowing economic growth in China and a possible recession in the United States and Europe mean that the OPEC + cut is unlikely to achieve a “sustainable price increase” exceeding 90%. dollars per barrel.
The World Bank said in a report entitled “Global Economic Prospects”, that global growth has witnessed a sharp slowdown, and that the risks of financial pressures in emerging market and developing economies are intensifying amid rising global interest rates.
The World Bank raised its forecast for the growth of the global economy during the current year from 1.7 percent, according to its expectations issued in January, to 2.1 percent.
The World Bank lowered its expectations for the growth of the economies of the Middle East and North Africa region during the current year by 1.3 percent to 2.2 percent, compared to its previous expectations in January, but raised its expectations for the economies of the region during 2024 by 0.6 percent to 3.3 percent, and these expectations are much lower than the growth achieved. These economies in 2022, which amounted to 5.9 percent.
price movements
Brent crude futures fell 0.38 percent, or 29 cents, to $76.42 a barrel by 17:15 GMT, and Nymex crude fell 22 cents, or 0.32 percent, to $71.93 a barrel.
Nymex crude fell earlier in the session by two dollars a barrel, and Brent fell by nearly two dollars as well.
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