Oil is watching below $100!

Oil which fell below $100 yesterday due to economic slowdown concerns, continues its course below this level.

The barrel price of West Texas type crude oil fell by about 8 percent in the previous session, falling to a 3-month low.

It is expected that the inflation data to be announced in the USA today will set a new record and the Fed will continue to raise interest rates by 75 basis points.

Oil prices climbed to $130 a barrel in March after the war in Ukraine started, but could not maintain their course at these levels. The rise in the dollar and the increase in cases in China put pressure on prices.

Warren Peterson, Commodity Strategist at ING Groep, said: “The weak macro outlook is currently driving the market and may continue in the short term. This indicates that there is more room to the downside. However, we think that this decline is limited due to strong fundamental indicators.

The barrel price of West Texas-type crude oil for August delivery decreased by 0.2 percent to $95.68, while the barrel price of Brent oil for September delivery increased by 0.2 percent to $99.75.