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On Wednesday morning, the oil price fell 6%, and the price of Brent crude oil once plummeted below $110 a barrel, because the market was worried that the upcoming economic recession would reduce global oil demand.
WTI crude oil prices fell 4.84% to $104.34 on Wednesday. Oil distribution fell 4.23% to US $110.03.
Now, more and more analysts and economists say that the efforts of the Federal Reserve to curb inflation by significantly raising interest rates may not achieve the goal of "soft landing" of the U.S. economy expected by policymakers, but will lead to economic recession within a year or a year and a half.
In addition, the strength of the US dollar also puts pressure on oil prices, because the strength of the US dollar makes it more expensive for other currency holders to buy oil. The appreciation of the US dollar may affect the import level of oil importing countries.
The Biden administration is in a dispute with the U.S. oil industry over the U.S. gasoline price of $5 per gallon. The Biden administration is pushing for a temporary federal gasoline tax holiday, which may also put pressure on oil prices.
In a daily review on Wednesday, Shengbao bank said: "in addition to the recovery of Libyan production, the broader macroeconomic development, that is, the increased risk of economic recession affecting demand, has successfully offset the prospect of continued supply tension caused by sanctions, summer peak demand and the efforts of several opec+ oil producing countries to increase production to the agreed level in recent weeks."
The strategist of the bank said: "President Biden's action against high gasoline prices before the mid-term election has also received some attention. Although the possible gasoline tax holiday will support consumers, it will also support demand, thereby prolonging the tight period."
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