Oil prices fell on Thursday after rising more than $3 in the previous session, as a stronger dollar curbed demand for oil and worries about a faltering global economic outlook weighed on market sentiment.<\/p>\n\n\n\n
Brent crude futures fell 91 cents, or 1%, to $88.41 a barrel by 0629 GMT, while US crude futures fell 80 cents, or 1%, to $81.33.<\/p>\n\n\n\n
The two benchmarks rose in the previous two sessions amid trading volatility, after they reached their lowest level in nine months this week, as a temporary decline in the dollar index and a decline in US fuel stocks more than expected raised hopes for a recovery in demand.<\/p>\n\n\n\n
The dollar index rebounded on Thursday, reducing investors’ appetite for risk and stoking fears of a global recession.<\/p>\n\n\n\n
The Bank of England said on Wednesday it was committed to buying as many long-term government bonds as needed until October 14 to stabilize the currency after the British government’s budget plans announced last week caused the pound to fall.<\/p>\n\n\n\n
Goldman Sachs cut its forecast for oil prices for 2023 on Tuesday, due to expectations of weak demand and a stronger dollar, but said that the global disappointment with supplies strengthened its expectations for the long-term upside.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Thursday after rising more than $3 in the previous session, as a stronger dollar curbed demand for oil and worries about a faltering global economic outlook weighed on market sentiment. Brent crude futures fell 91 cents, or 1%, to $88.41 a barrel by 0629 GMT, while US crude futures fell 80 …<\/p>\n","protected":false},"author":9,"featured_media":61009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7808,6846,7536],"class_list":["post-73163","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-economic-slowdown","tag-oil","tag-recession"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73163"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73163\/revisions"}],"predecessor-version":[{"id":73164,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73163\/revisions\/73164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}