NextGen Day

As the dollar weakened on Thursday, oil prices increased, but further price increases were restrained by concerns about weak demand brought on by a worldwide economic downturn.

At 9:44 a.m. local time (06:44 GMT), the price of international benchmark Brent crude was $78.80 per barrel, up 1.23 percent from the previous trading session’s closing price of $77.84 per barrel.

West Texas Intermediate (WTI), the American benchmark, was trading at $73.81 a barrel at the same time, up 1.33 percent from the previous session’s closing price of $72.84 per barrel.

By encouraging traders to use other currencies, the US dollar’s declining value encouraged higher oil prices. Strong market demand is further fueled by a falling dollar.

Fears of a global recession also caused a decrease in demand forecasts. Concerns about weaker demand increased, particularly in light of comments made by Kristalina Georgieva, managing director of the International Monetary Fund (IMF), that one-third of the world’s economies are predicted to experience a recession in 2023.

Rising coronavirus illness 2019 instances in China, which are preventing additional price hikes, reinforce low demand concerns as well.

Concerns about demand were exacerbated by the fact that China, the second-largest economy in the world, dramatically increased its first batch of 2023 export quotas for refined oil products, a hint that the nation anticipates lower consumption.

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