Tag: supply and demand

Oil Slides Under $90 to Fresh Six-Month Lows on Demand Worries (Micro News for August 6, 2022 – August 12, 2022)

Oil traders sold oil after determining gasoline demand was falling. U.S. Brent crude oil prices fell to $88.54 per barrel after a government report showed crude oil and gasoline inventories were moving higher. The unexpected news triggered a selloff and world price of Brent crude fell by about 3%. Oil prices are 28% below their closing price on March 8, 2022.