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Oil Prices Steady Around $100 After Sharp Dive on Recession Worry
Oil prices stabilized at just above $100 a barrel on Wednesday after a widespread drop in commodity prices on concerns that a coming recession will dent demand.
West Texas Intermediate, the U.S. benchmark, traded up 1.5% at $100.94 a barrel. Brent crude, the international standard, rose 2% to $104.82.
The prospect of recession in much of the world appears to be growing amid the fastest
inflation since the 1970s and an aggressive campaign of interest-rate hikes from central
banks. At least seven major economies, including the U.S., will experience contraction
in the coming year, Nomura predicts.
The slight recovery in crude prices on Wednesday follows a drop of almost 10% on
Tuesday, bringing down the gains for the year to around 30% after the war in Ukraine
threatened to cut off supplies from Russia, one of the biggest exporters. Prices are
down from above $120 as recently as mid-June.
Copper prices on the London Metal Exchange dropped as much as 5.1% to the lowest
level since December 2020 on Wednesday.
Analysts at Citi see oil prices sliding to $65 a barrel this year and as low as $45 in 2023
if a recession materializes in the U.S., assuming oil-exporting countries don’t intervene
to lower production.
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