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
Israeli media: One Israeli soldier killed in a "security incident" in Khan Younis, south of the Gaza Strip
Israeli media: Intense exchange of fire in Khan Younis
Israeli media platform reports on a tough incident in Gaza still under media censorship
Iran's judiciary says 71 killed in Israeli strike on Evin Prison
Trump: Make the deal, get the hostages back
Al Mayadeen's correspondent: 67 Palestinians were martyred in 24 hours in the Israeli aggression on the Gaza Strip
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.

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

Islamophobic attacks surge after Mamdani’s historic primary victory

US frees felon to build case against falsely deported Abrego: WashPo

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

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
The site of a direct missile strike launched from Iran in Tel Aviv on Sunday, June 22, 2025. (AP)

Op. True Promise 3, wave 21: Multi-warhead missiles rain on 'Israel'

  • Politics
  • 23 Jun 2025
Iran says targeted US Qatar air base under Op. Annunciation of Victory

Iran says targeted US Qatar air base under Op. Annunciation of Victory

  • MENA
  • 23 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli media: Iran struck sensitive bases; only a fraction revealed
Politics

Only a fraction of Iranian missiles impact revealed: Israeli media

Pro-Palestinian protest in Sydney ends in crackdown, serious injury
Politics

Pro-Palestine Sydney protest ends in violent crackdown, serious injury

Israeli soldiers
Palestine

IOF soldiers blame army for negligence after deadly Khan Younis ambush

Corsican Assembly recognizes Palestine, condemns Israeli genocide
Politics

Corsican Assembly recognizes Palestine, condemns Israeli genocide

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