Oil Prices Fall Amid Fears of a Global Economic Slowdown

Oil prices continued to decline for the second day in a row, after the strong gains they achieved at the end of last week’s trading. Pressures on oil prices increased at the beginning of this week after a number of reports were issued by investment banks and institutions warning of a decline in global economic growth during this year and next, which will negatively affect global demand for crude oil.

Oil prices had found strong support over the past weeks until they were able to reach their highest levels since 2014 during the last week thanks to the increasing rates of demand for oil in various countries of the world, with the return of economic activity to recovery in a number of countries, led by Europe, the United States, and China.

The energy crisis in European countries, China, India, and various countries of the world has helped to raise oil prices strongly during the past weeks. With the approach of winter, expectations increased about the high demand for natural gas and energy products for heating with the decline in temperatures in European countries and the approach of severe cold waves.