Oil Prices Rise Despite Economic Concerns

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OPEC Blends
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	WTI Crude •11 mins	59.44	-1.18	-1.95%
	Brent Crude •11 mins	64.06	-1.18	-1.81%
	Murban Crude •16 mins	64.84	-1.40	-2.11%
	Natural Gas •10 mins	5.223	+0.348	+7.14%
	Gasoline •10 mins	1.813	-0.044	-2.37%
	Louisiana Light •7 days	60.88	-2.71	-4.26%
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Louisiana Light • 7 days	60.88	-2.71	-4.26%
Bonny Light • 521 days	78.62	-2.30	-2.84%
Opec Basket • 1 day	62.94	+0.22	+0.35%
Mars US • 811 days	69.79	-0.88	-1.25%
Gasoline • 10 mins	1.813	-0.044	-2.37%

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	Marine •521 days	75.08	-2.22	-2.87%
	Murban •521 days	76.34	-1.97	-2.52%
	Iran Heavy •207 days	64.96	-0.76	-1.16%
	Basra Light •1514 days	71.69	-3.60	-4.78%
	Saharan Blend •207 days	68.65	-0.72	-1.04%
	Bonny Light •521 days	78.62	-2.30	-2.84%
Click Here for 150+ Global Oil Prices

Bonny Light • 521 days	78.62	-2.30	-2.84%
Girassol • 521 days	79.56	-1.80	-2.21%
Opec Basket • 1 day	62.94	+0.22	+0.35%

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	Canadian Crude Index •968 days	53.57	-1.23	-2.24%
	Western Canadian Select •11 hours	48.27	+0.26	+0.54%
	Canadian Condensate •11 hours	62.77	+0.26	+0.42%
	Premium Synthetic •11 hours	61.02	+0.26	+0.43%
	Sweet Crude •11 hours	54.87	+0.26	+0.48%
	Peace Sour •11 hours	52.62	+0.26	+0.50%
Click Here for 150+ Global Oil Prices

Peace Sour • 11 hours	52.62	+0.26	+0.50%
Light Sour Blend • 11 hours	52.87	+0.26	+0.49%
Syncrude Sweet Premium • 11 hours	57.12	+0.26	+0.46%
Central Alberta • 11 hours	52.47	+0.26	+0.50%

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	Louisiana Light •7 days	60.88	-2.71	-4.26%
	Domestic Swt. @ Cushing •1 day	57.10	+0.28	+0.49%
	Giddings •1 day	50.85	+0.28	+0.55%
	ANS West Coast •6 days	64.18	+0.28	+0.44%
	West Texas Sour •1 day	53.80	+0.28	+0.52%
	Eagle Ford •1 day	57.10	+0.28	+0.49%
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Eagle Ford • 1 day	57.10	+0.28	+0.49%
Oklahoma Sweet • 1 day	57.00	+0.25	+0.44%
Kansas Common • 1 day	47.45	+0.28	+0.59%
Buena Vista • 298 days	70.40	+1.10	+1.59%

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Oil Prices Rise Despite Economic Concerns By Julianne Geiger - Sep 09, 2022, 11:39 AM CDT

Oil prices jumped 3% despite fears of a global recession.
Friday’s price rise was precipitated not by bullish production or supply outages nor by any significant demand outlook increases.
WTI was trading up $2.54 per barrel while the Brent benchmark was trading up $2.60 per barrel.

Crude oil prices rose on Friday by 3% despite fears of a global recession which has pervaded the oil price narrative in recent weeks, weighing on prices.

Friday’s price rise was precipitated not by bullish production or supply outages nor by any significant demand outlook increases.

At 11:45 a.m. ET, WTI was trading up $2.54 per barrel (+3.04%) at $86.08. While more than 3% rise on the day, the U.S. benchmark was trading down nearly $2 per barrel from last week.

The Brent benchmark was trading up $2.60 per barrel at that time (+2.92%) at $91.69—a more than $2 decrease from last week.

One supporting oil prices is the general market belief that OPEC+ will defend a particular price point—likely near $90 Brent. For OPEC+, which has struggled to meet its production targets even as prices rose to uncomfortable levels, production cuts would be a logical solution to falling prices as recession fears persist and concerns linger regarding China’s crude demand thanks to its restrictive zero-Covid policy.

This zero-Covid policy could trigger China’s fuel consumption to actually fall by 380,000 bpd this year compared to last year, according to a new prediction by Energy Aspects released on Friday. If realized, it would be China’s first drop in fuel consumption in two decades.

On Thursday, U.S. Secretary Jennifer Granholm suggested that the Biden Administration was considering further releases of the nation’s crude oil stockpiles (SPR) past October, although a Department of Energy official later denied this. The United States SPR inventories are the lowest they’ve been in decades, and further draining of the SPR—the only way the United States can tap additional barrels on short notice—would continue to send oil into commercial inventories, sending a dangerous signal to U.S. frackers to ignore market calls for additional oil.

By Julianne Geiger for Oilprice.com

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