{"id":107497,"title":"Despite concerns about a potential US recession, oil prices remain stable","publisher":"Share Talk","author":"sharetalk","published":"2023-04-13T13:41:37+00:00","modified":"2023-04-13T16:04:09+00:00","canonical_url":"https://www.share-talk.com/despite-concerns-about-a-potential-us-recession-oil-prices-remain-stable/","markdown_url":"https://www.share-talk.com/despite-concerns-about-a-potential-us-recession-oil-prices-remain-stable.md","json_url":"https://www.share-talk.com/despite-concerns-about-a-potential-us-recession-oil-prices-remain-stable.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["crude","global","oil","oil prices","OPEC","production","US Federal Reserve","USA"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"Despite concerns from Federal Reserve members about a potential recession in the US later this year, crude oil prices remained above $80 on Thursday.\n\nAs of Thursday afternoon, the price of crude stood at $82.78 per barrel, down 0.9% from its peak of $83.53 on Wednesday.\n\nAfter hopes emerged that the US Federal Reserve would pause interest rate hikes due to lower-than-expected inflation of 5% in March, oil prices reached their peak. However, these hopes were short-lived as the release of meeting minutes later in the day showed that central bankers were concerned about a potential mild recession in the US later this year.\n\nhttps://twitter.com/Share_Talk/status/1646504493427875840?s=20\n\nTickMill Group analyst James Harte commented that if signs of economic slowdown emerge, this would likely have a negative impact on oil prices. Despite a slight decrease in prices, Harte attributed the OPEC+ cuts and recovering Chinese demand for keeping oil prices above $80.\n\nOPEC+ accounts for 40% of global oil production and cut output by over a million barrels a day in early April, which sparked concerns that prices would skyrocket. However, Citi analysts reassured that oil is unlikely to exceed $100 per barrel this year due to the declining global GDP.\n\nWhile recessionary fears may not cause too much drag in the short term, Harte expects that oil prices will remain skewed to the upside due to the OPEC+ cuts."}