Wednesday 17/May/2023 – 03:04 PM
Oil prices fell for the fourth consecutive month; To record the longest series of losses this year since September, as futures contracts for benchmark Bent crude fell by 1.50%, to settle at $74.17 a barrel, according to a recent report by the Central Bank of Egypt.
The central bank added, in its weekly commentary on global markets, for the period from May 5 to 12, 2023, that fears of an economic recession continued to pressure the expectations of oil demand, as demand is expected to decline mainly as a result of reports from China indicating an occurrence. Contraction in exports and imports during the month of April.
The bank indicated that there were reports from the United States indicating that the volume of oil production increased more than expected, in the week ending on May 5, as the report issued by the US Energy Information Administration showed that commercial crude oil inventories in the United States increased by 3 million barrels last week. , compared to analysts’ expectations, which predicted a decrease in oil stocks by 1.8 million barrels, stressing that the lack of economic confidence in the United States and the European Union led to increasing pessimism about the future of oil demand.
The dollar index rose during the past week, for the first time in 3 weeks, to rise by 1.45%, recording its best weekly performance since last September 23, as most of the gains came in the last two sessions of the week, as long-term inflation expectations jumped to their highest level since 2011. , which raised interest rate expectations.