[국제유가] Concerns fell on uncertainty in oil demand… WTI 1.81%↓ By MoneyS

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© Reuters. [국제유가] Concerns fell on uncertainty in oil demand… WTI 1.81%↓

International oil prices hit the lowest level since mid-May on fears of an economic slowdown.

On the 23rd (local time) on the New York Mercantile Exchange, the price of West Texas Intermediate (July) crude oil for July ended at $104.27 per barrel, down 1.81% from the previous day. It was the lowest since May 10. On the London ICE Futures Exchange, August Brent crude fell by $1.69, or 1.5%, to $110.05 a barrel.

The oil market paid attention to the remarks of US Federal Reserve Chairman Jerome Powell. As Chairman Powell said a sharp rate hike could slow economic growth, concerns have grown that oil demand could also decrease.

“Unconditionally, the Fed will focus on easing inflation,” Powell said.

Oil market participants are concerned that if the Fed and other central banks aggressively raise interest rates, it could plunge a slowing economy into recession. The recession raises concerns about declining oil demand.

“If the U.S. and other countries plunge into a recession, it could have a serious impact on demand,” said Andrew Lipou, a Houston oil consultant.

The U.S. Energy Information Administration (EIA) issued a press release late the day before and said it was delaying the announcement due to system problems.

CNBC reported that the Organization of Petroleum Exporting Countries (OPEC) and Russia are expected to maintain the trend of increasing crude oil production in August.

Organization of Petroleum Exporting Countries (OPEC) plus (+) oil producing countries agreed to increase production by 648,000 barrels per day in July. In August, it was agreed to increase production by the same amount, which is higher than the original plan to increase production by 432,000 barrels per month until September.

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