Uncertainty in the American economy is beginning have an effect on the energy markets and gas prices. Oil prices have declined amid concerns among investors that rising interest rates will push the U.S. economy into a recession. Analysts have expressed concern that a recession will cause oil demand and pump prices in the world’s largest…

The International Energy Agency (IEA) says it predicts that demand for oil could reach record levels this year, given mainland China’s reopening of its economy. Demand for crude fell in the second half of 2022, as China’s ruling Chinese Communist Party (CCP) maintained its “zero-COVID” policy stance. The combination of mild weather and weaker industrial…

MELBOURNE—Oil prices fell for a third day straight on Wednesday on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not seen curbing mobility as sharply as earlier COVID-19 variants. U.S. West Texas Intermediate (WTI) crude futures fell 82 cents, or 1.2 percent, to $69.91 a…

Barclays raised its 2022 oil price forecasts on Tuesday as it expects a faster-than-expected inventory drawdown and cautious supply response to offset a modest surplus next year. The bank raised its 2022 average price forecast by $3 to $80 and $77 per barrel for Brent and West Texas Intermediate (WTI) respectively. Oil prices fell on…