“Since the beginning of this month, oil prices have been under pressure from demand ruminations,” said Carsten Fritsch, an analyst for Commerzbank. “In the West, the combination of high energy prices and rising interest rates is fueling fears of a recession,” said Fritsch.
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In addition, there are still concerns about the supply, especially because of the sanctions against Russian oil. On Friday, US President Joe Biden will travel to Saudi Arabia in hopes of convincing Riyadh to release more oil to push prices down.
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