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How much was Brent oil price? (23 June 2022)

The recession pressure in oil prices continues to drag prices down.

U.S. crude oil fell 3 percent to $103. Brent oil with a loss of nearly 3%. He saw below $109.

Recent decline in oil prices Fed Chairman Jerome PowellHis words came true. Powell pointed out that a recession is possible in the USA.

CALL FROM BIDEN

On the other hand, Biden’s expected tax exemption call came in the USA.

In his speech at the White House, Biden called on Congress to suspend the federal gasoline tax for three months until September to combat rising gasoline prices in the country.

Biden, who also invited states to make tax exemptions for a while, also called on oil companies.

Biden stated that the energy production in the country broke a record, “So the problem is not in oil production. From here, I invite the oil industry to refine more oil. So we can take some of the burden off the public.” said.

FAST INCREASE IN RUSSIA’S OIL SALES

According to data compiled by Rystad Energy, Russian oil, which is sold at a discount, is of interest to India as well as China. After the embargo imposed by EU members on oil imports from Russia, India became one of the biggest customers of Russian oil, which turned to the Asian market. In the May period, it increased by 658 percent compared to the same period of 2021.

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