Oil is falling, Brent fell below 100 dollars. investi look out for the meeting of the cartel OPEC+ | Business

North Moscow Brent crude was down 4.5 percent at $99.30 a barrel at 4:45 p.m. American light oil West Texas Intermediate (WTI) depreciated less than six percent and hovered around $92.75 per barrel.

Factories in Asia and Europe have encountered problems in Europe. Weakening global demand and anti-pandemic restrictions have slowed production.

Activity in the manufacturing industry fell last month for the first time in two years. On the first day, the S&P Global organization thus strengthens fears that the Eurozone could slip into recession. The Purchasing Managers’ Index (PMI) for the manufacturing industry fell to 49.8 from the previous 52.1 points. For the first time since June 2020, it fell below the 50-point threshold that separates growth from decline.

Both Brent and WTI crude closed red for the first time since 2020 with a massive loss, and for the second time in a row. Rising inflation and rising interest rates raise fears of a recession, which would undermine demand for fuel.

Analysts polled by Reuters lowered their estimate of the average Brent oil price for 2022 to $105.75 per barrel for the first time since April. Their estimate for WTI fell to $101.28.

The OPEC+ group consists of the Organization of the Petroleum Developing Countries (OPEC) and its allies, including Russia. OPEC+ will discuss world policy in the middle and, according to a Reuters source, there is a possibility of leaving the country unchanged. He will discuss the small aspects of the production.

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