"Crude oil price falls to nearly $90 per barrel"

" \n Crude oil price falls to nearly $90 per barrel \n \n\n \n The price of crude oil continues to fall as the commodity \u2014which peaked at more than $130 barrels in March 2022\u2014 has given up all the gains triggered by Russia\u2019s war on Ukraine, falling to nearly $90 a barrel. \n \n\n \n But the reasons for this, given the tight supply, are complicated. \n \n\n \n This fall in the price of the crude oil is nearly six-months low \n \n\n \n JPMorgan says a US recession looks increasingly less likely in the eyes of the stock market. \n \n\n \n If this continues, prices of petroleum products on the local market will see the biggest reduction in the next pricing window on August 15 th , 2022. \n \n\n \n However, the rapid depreciation of the cedi may offset the significant reduction at the pumps. \n \n\n \n Fuel prices in Ghana went down between 3% and 6% at the beginning of August 2022. \n \n\n \n OPEC+ said it will raise its oil output target by 100,000 barrels per day. \n \n\n \n \u201cCrude oil fell further on demand concerns on a cloudy economic outlook,\u201d CMC Markets analyst Tina Teng said. \n \n\n \n \u201cIf commodities are not pricing in an imminent economic recession, they might be preparing for a \u2018stagflation\u2019 era when the unemployment rate starts picking up and inflation stays high\u201d, she added. \n \n\n \n Surveys showed on Monday, August 1 st , 2022 that factories across the United States, Europe and Asia struggled for momentum in July 2022 as flagging global demand and China\u2019s strict COVID-19 restrictions slowed production. \n "

"Crude oil price falls to nearly $90 per barrel"

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