NextGen Day

As several nations decided to raise interest rates to combat growing inflation amid recession concerns, oil prices continued to fall on Monday, reaching nine-month lows, fueling concern over sluggish demand.

On a global scale, Brent crude’s price was $84.07 per barrel at 10:22 a.m. local time (07:22 GMT), down 1.12% from the previous trading session’s closing price of $85.03 per barrel. The price of Brent oil fell to its lowest point since January 14, when it was trading at $83.99 a barrel.

At the same time, the American West Texas Intermediate (WTI), which had closed the previous day at $78.74 per barrel, hit fresh lows of $77.85. The previous record low for WTI was reached on January 6 at $88.74 a barrel.

Due to major economies raising their interest rates, Friday saw a loss of roughly 5% for both benchmarks.

The Bank of England increased its benchmark interest rate by 50 basis points in response to the US Federal Reserve’s 75-point interest rate hike on Thursday.

Thereafter, rates rose in South Africa, Taiwan, Indonesia, the Philippines, Norway, and Switzerland.

Rising US dollar values exacerbated demand concerns, driving buyers away from dollar-indexed oil.

The price decline was fueled by the dollar index, which rose 0.8 percent to 113.33, its highest level in 20 years.

On October 5, the biggest oil producers of OPEC+ will decide on their output.

In October, the group decided to reduce production by 100,000 barrels per day (bpd).

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---