{"id":30528,"date":"2022-12-09T11:32:22","date_gmt":"2022-12-09T11:32:22","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/brent-hits-11-month-low-over-recession-fears"},"modified":"2022-12-09T11:32:22","modified_gmt":"2022-12-09T11:32:22","slug":"brent-hits-11-month-low-over-recession-fears","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/brent-hits-11-month-low-over-recession-fears","title":{"rendered":"Brent hits 11-month-low over recession fears"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The price of Brent oil fell below $80 a barrel, posting more than 3% on Tuesday as investors are worried about a steeper rate hike from the Federal Reserve next week.<\/p>\n

International benchmark Brent crude traded at $79.72 per barrel at 08.31 p.m. local time (1731 GMT), down 3.58% from the closing price of $82.68 a barrel in the previous trading session.<\/p>\n

At the same time, American benchmark West Texas Intermediate (WTI) traded at $74.41 per barrel, a 3.27% loss after the previous session closed at $76.93 a barrel.<\/p>\n

Brent saw its 11-month-low, hitting its lowest level since Jan. 7 over weak oil demand expectations as the central bank’s aggressive monetary tightening could force the American economy into a recession next year, according to most economists.<\/p>\n

JPMorgan Chase CEO Jamie Dimon said Tuesday that record inflation may derail the US economy and cause a recession in 2023.<\/p>\n

The 66-year-old veteran CEO stressed that the US Federal Reserve’s aggressive monetary tightening cycle is causing its benchmark interest rate to climb toward 5% and even that level “may not be sufficient” to overcome inflation.<\/p>\n

“When you\u2019re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about,” he said.<\/p>\n

The Fed raised interest rates by 75 basis points Nov. 2 for a fourth consecutive time, raising the target range for the federal funds rate to between 3.75% and 4% — its highest since January 2008.<\/p>\n

The aggressive rate hikes have caused annual consumer inflation to come in at 7.7% in October, easing from the 8.2% gain in September. Annual producer inflation rose 8% in October, slowing from September’s 8.4% gain year-on-year.<\/p>\n

Strong dollar further fuels weak demand fears<\/b><\/p>\n

The rising value of the US dollar supported lower oil prices by discouraging traders using other currencies.<\/p>\n

The greenback fell on Tuesday, however, it has been on a rising trend on the back of the aggressive monetary policy of the US Federal Reserve.<\/p>\n

Prices declined despite unfolding supply jitter after OPEC+ producers agreed to maintain their production cut policy in the face of the EU’s ban and price cap on Russian oil exports.<\/p>\n

Reports over Russia\u2019s upcoming response to the Western countries\u2019 various sanctions on Russian hydrocarbon exports intensified supply fears.<\/p>\n

Russian Deputy Prime Minister Alexander Novak said Russia is working on a mechanism by the year’s end to prevent Russian companies from selling oil to countries imposing price caps.<\/p>\n

“We are currently discussing, fine-tuning the decision, and discussing it with companies,” Novak told reporters in Moscow.<\/p>\n

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

Africa-Press – Mozambique. The price of Brent oil fell below $80 a barrel, posting more than 3% on Tuesday as investors are worried about a steeper rate hike from the Federal Reserve next week. 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The price of Brent oil fell below $80 a barrel, posting more than 3% on Tuesday as investors are worried about a steeper rate hike from the Federal Reserve next week. 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