{"id":80832,"date":"2023-01-19T10:48:22","date_gmt":"2023-01-19T10:48:22","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth"},"modified":"2023-01-19T11:08:51","modified_gmt":"2023-01-19T11:08:51","slug":"oil-prices-down-amid-recession-fears-us-crude-stock-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth","title":{"rendered":"Oil prices down amid recession fears, US crude stock growth"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Oil prices decreased on Thursday influenced by weak economic data from the US amid recession fears and a hefty rise in crude stockpiles. International benchmark Brent crude traded at $83.92 per barrel at 9.20 a.m. local time (0620GMT), down 1.25% from the closing price of $84.98 a barrel in the previous trading session.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at $78.63 per barrel at the same time, a 1.47% fall after the previous session closed at $79.8 a barrel.<\/p>\n

Oil prices retreated from their highest level in over a month after weak US data fueled recession worries. US Producer Price Index recorded its biggest decline since April 2020 in December, with a 0.5% fall, according to data released Wednesday.<\/p>\n

Retail sales in the US fell 1.1% in December, below expectations, while industrial production fell 0.7%, the biggest drop since September 2021. Additionally, the US Fed reported that American companies expect “low growth” in the economy in the coming months.<\/p>\n

Meanwhile, US crude oil inventories rose by about 7.6 million barrels during the week ended Jan. 13, data from the American Petroleum Institute showed. A more-than-expected stockpile increase signals a drop in crude demand, weighing prices down.<\/p>\n

Official stock data from the US Energy Information Administration is scheduled to release later in the day, and if the estimated build-in stock levels is confirmed, prices are expected to fall further.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Oil prices decreased on Thursday influenced by weak economic data from the US amid recession fears and a hefty rise in crude stockpiles. International benchmark Brent crude traded at $83.92 per barrel at 9.20 a.m. local time (0620GMT), down 1.25% from the closing price of $84.98 a barrel in the previous trading […]<\/p>\n","protected":false},"author":84,"featured_media":80831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-80832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nOil prices down amid recession fears, US crude stock growth - kenya<\/title>\n<meta name=\"description\" content=\"Oil prices decreased on Thursday influenced by weak economic data from the US amid recession fears and a hefty rise in c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices down amid recession fears, US crude stock growth\" \/>\n<meta property=\"og:description\" content=\"Oil prices decreased on Thursday influenced by weak economic data from the US amid recession fears and a hefty rise in c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-19T10:48:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-19T11:08:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/01\/postQueueImg_1674112712.35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices down amid recession fears, US crude stock growth\",\"datePublished\":\"2023-01-19T10:48:22+00:00\",\"dateModified\":\"2023-01-19T11:08:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\"},\"wordCount\":239,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/01\/postQueueImg_1674112712.35.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/oil-prices-down-amid-recession-fears-us-crude-stock-growth\",\"name\":\"Oil prices down amid recession fears, US crude stock growth - 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