Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Putin on new sanctions against Russia: Russia's energy sector remains confident, though some losses are expected
Putin calls talk of supplying Tomahawk missiles to Kyiv an attempt at escalation
Putin says he discussed with Trump the impact of the situation with Russian oil supplies on global prices, including in the United States
Dialogue is always better than confrontation, disputes, or continued war: Putin
The global energy balance has been established, and disrupting it is not in the interests of the countries attempting to do so: Putin
Russia's contribution to the global energy balance is very significant: Putin
No self-respecting country does anything under pressure: Putin
New US sanctions are an attempt to pressure Russia: Putin
Israeli media: The West Bank 'annexation' law has been suspended under Netanyahu's directives until further notice
Al Mayadeen's correspondent in Bekaa, eastern Lebanon: Number of martyrs in Israeli strike rises to two.

Oil prices down almost 10% since start of 2023 over fears of recession

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Jan 2023 00:37
  • 1 Shares
3 Min Read

Amid concerns about a global recession and fears of the effects of the Covid situation in China, crude prices are down almost 10% since the beginning of the year.

  • x
  • Oil prices down almost 10% since 2023 start
    Oil prices down almost 10% since the start of 2023

Crude prices are down approximately 10% in just two days of trading since the beginning of 2023 after ending 2022 up nearly 7%, amid concerns about a global recession and the worsening Covid situation in China, the top oil importer.

"Oil prices have tumbled … [on] the uncertainty [in] near-term economic prospects for China amid surging COVID cases," said Ed Moya, an analyst at online trading platform OANDA.

"While reliable data is seemingly hard to come by, the view appears to be that there'll be significant disruption in the coming months."  

On Wednesday, the New York-traded West Texas Intermediate crude (WTI) settled trade down $4.09, or 5.3%, at $72.84 per barrel after hitting a three-week low of $72.77 during the session.

London-traded Brent crude settled down $4.26, or 5.2%, at $77.84 per barrel after dropping to a three-week low of $77.74 earlier on Wednesday.

Related News

JD Vance slams Israeli West Bank 'annexation' bill as 'insult'

Trump stresses 'annexation' of West Bank 'will not happen': Time

Brent, the global crude benchmark, is down 9.4% from just two days of trading this year after ending 2022 up 10.5%.  

Since the new year started, fears about a global recession have intensified, pummeling crude prices as China faces increased challenges in containing the spread of coronavirus in the country.

Hundreds of millions of people in China are estimated to be at risk from Covid infections before herd immunity is achieved in the second largest economy in the world. Thus, the country's zeal to go from a zero-Covid policy to one where officials are currently exhorting the people to announce a "final victory" over the virus has sounded an alarm across markets.

Concerns over China’s actions have been highlighted after the International Monetary Fund (IMF) started the new year with a tough warning that the country as well as the United States and Europe were all in slowdown mode.

The manufacturing activity in China shrank for a fifth straight month in December, according to data on Tuesday, as the country struggled with an unprecedented rise in Covid cases.  

China has also raised export quotas for refined oil products in the new year's first batch, signaling expectations of poor domestic demand.  

According to media reports, adding to the market’s bearishness were signs that Saudi Arabia could further cut prices to Asia for its flagship Arab Light crude grade in February after the pricing for that hit a 10-month low this month, reflecting concerns of oversupply.

  • United States
  • Texas
  • New York
  • Europe
  • IMF
  • China
  • London
  • Oil prices
  • Saudi Arabia
  • Recession

Most Read

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
Smoke and fire rises after 'Israel' launched airstrikes on the village of Ansar, Lebanon, October 16, 2025 (social media)

'Israel' launches two waves of brutal strikes on east, south Lebanon

  • Politics
  • 16 Oct 2025
A woman with her purchased groceries walks out from an underground market, in Beijing, Wednesday, August 6, 2025. (AP Photo/Andy Wong)

Global brands in China face pressure from rising local rivals

  • Economy
  • 17 Oct 2025

Coverage

All
War on Gaza

Read Next

All
US-backed GHF in talks over future role in postwar Gaza: FT
Politics

US-backed GHF in talks over future role in postwar Gaza: FT

Rubio warns West Bank annexation threatens Trump’s Gaza peace plan
Politics

Rubio warns West Bank annexation threatens Trump’s Gaza plan

Mamdani, Cuomo, and Sliwa trade barbs in fiery New York mayoral debate.
Politics

Mamdani, Cuomo, and Sliwa trade barbs in fiery New York mayoral debate

Artist’s rendering of the RADICALS satellite in orbit. (AP)
Technology

Europe firms agree on satellite merger to counter Starlink

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS