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2022-07-07

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Oil Extends Its Decline, With Brent Crude Dropping Below $100 a Barrel

Oil dropped below $100 a barrel, with Goldman Sachs Group Inc. saying that a plunge driven by fears

Oil Extends Its Decline, With Brent Crude Dropping Below $100 a Barrel

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With central banks including the Federal Reserve hiking interest rates to tame inflation, investors have been pricing in the consequences of a slowdown, even as physical crude markets continue to show signs of vigor and the war in Ukraine drags on.</p><p>A strengthening dollar has also been a headwind for commodities this week, as a gauge of the US currency rallied to the highest level in more than two years, with investors shying away from risk. 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Nearby Brent futures are trading at a giant premium to later months -- indicating market strength -- while disruption to global oil production has been mounting, amid a risk to Kazkahstan’s oil exports.“While the odds of a recession are indeed rising, it is premature for the oil market to be succumbing to such concerns,” Goldman Sachs analysts including Damien Courvalin said in a note. “The global economy is still growing, with the rise in oil demand this year set to significantly outperform GDP growth.”Oil has opened the third quarter on volatile footing. 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