Oil Drops Below $90/Barrel For First Time Since War

[Economy 52,845]

https://www.bnnbloomberg.ca/oil-falls-below-90-for-first-time-since-war-as-demand-slows-1.1801202

 

For the first time since Russia invaded Ukraine oil has called below $90/barrel

 

Driving this drop is rising interest rates and speculation there will be a recession and that oil demand will drop

 

However some analysts are pointing out the market remains extremely tight supplied and that this drop is overdone on the speculation of recession. If demand does not falter as much as some investors anticipate prices will likely rebound above $100/Barrel again later

[Economy 52,845]

It should be noted that the crack spread is high so refined stuff like gasoline, diesel and jet fuel will still be more expensive than it typically would be when oil is at $90/barrel