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Recession Fears Hit Crude and Diesel Harder Than Jet

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Jet fuel losses were less than crude and other products with pent-up demand for air travel after the pandemic helping offset fears of an economic recession. International benchmark Brent lost $13.02 per barrel over the week to close at $94.12/bbl Thursday, while US domestic price-pin West Texas Intermediate shed $7.88/bbl to finish at $88.54/bbl. The UK’s Bank of England has warned the country is heading for a long recession, declaring “there is an economic cost to the war” in Ukraine after raising interest rates again this week to combat energy price-driven inflation. Oil prices still stand 34% above year-earlier levels despite coming off recent peaks of almost $125/bbl in June. A shock rise in US oil inventories this week suggests fuel demand is already starting to fall in the world’s largest oil market.

Topics:
Jet Fuel, Oil Prices, Oil Spot Markets, Crude Oil
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