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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.

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