{"id":26935,"date":"2022-09-27T12:58:47","date_gmt":"2022-09-27T12:58:47","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters"},"modified":"2022-09-27T13:10:10","modified_gmt":"2022-09-27T13:10:10","slug":"oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters","title":{"rendered":"Oil slips to 9-month low as strong dollar, likely recession spur demand jitters"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Oil prices continued to plunge on Monday to nine-month lows as several countries opted to increase interest rates to tame rising inflation amid recession concerns, triggering anxiety over weak demand.<\/p>\n

International benchmark Brent crude traded at $84.07 per barrel at 10.22 a.m. local time (0722 GMT) for a 1.12% decrease from the closing price of $85.03 a barrel in the previous trading session. Brent oil dropped to its lowest level since Jan. 14, when it traded at $83.99 a barrel.<\/p>\n

American benchmark West Texas Intermediate (WTI) hit new lows of $77.85 per barrel at the same time, losing 1.13% after the previous session closed at $78.74 a barrel. The previous record low was made on Jan. 6 when WTI traded at $88.74 a barrel.<\/p>\n

Both benchmarks lost almost 5% on Friday as interest rate hikes by major economies blurred the demand outlook.<\/p>\n

Following the US Fed’s 75-point interest rate increase on Thursday, the Bank of England raised its key interest rate by 50 basis points. Rate increases in Norway, Switzerland, Taiwan, South Africa, Indonesia, and the Philippines ensued.<\/p>\n

The rising value of the US dollar also magnified demand fears, repelling buyers from dollar-indexed oil. The dollar index increased 0.8% to 113.33, its highest level in 20 years, fueling the price downturn.<\/p>\n

Investors are awaiting the output decision of major oil producers of OPEC+ on Oct. 5. The group had agreed to cut production by 100,000 barrels per day (bpd) in October.<\/p>\n

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

Africa-Press – Mozambique. Oil prices continued to plunge on Monday to nine-month lows as several countries opted to increase interest rates to tame rising inflation amid recession concerns, triggering anxiety over weak demand. International benchmark Brent crude traded at $84.07 per barrel at 10.22 a.m. local time (0722 GMT) for a 1.12% decrease from the […]<\/p>\n","protected":false},"author":84,"featured_media":26934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-26935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nOil slips to 9-month low as strong dollar, likely recession spur demand jitters - Mozambique<\/title>\n<meta name=\"description\" content=\"Oil prices continued to plunge on Monday to nine-month lows as several countries opted to increase interest rates to tam ...\" \/>\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\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil slips to 9-month low as strong dollar, likely recession spur demand jitters\" \/>\n<meta property=\"og:description\" content=\"Oil prices continued to plunge on Monday to nine-month lows as several countries opted to increase interest rates to tam ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-27T12:58:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-27T13:10:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/09\/postQueueImg_5-6332f617e5fe3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\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\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil slips to 9-month low as strong dollar, likely recession spur demand jitters\",\"datePublished\":\"2022-09-27T12:58:47+00:00\",\"dateModified\":\"2022-09-27T13:10:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\"},\"wordCount\":249,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/09\/postQueueImg_5-6332f617e5fe3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/oil-slips-to-9-month-low-as-strong-dollar-likely-recession-spur-demand-jitters\",\"name\":\"Oil slips to 9-month low as strong dollar, likely recession spur demand jitters - 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