---
title: "Oil on track for biggest weekly fall since March"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-10-05T13:11:15+00:00"
modified: "2023-10-05T13:17:50+00:00"
date: 2023-10-05
canonical: "https://www.share-talk.com/oil-on-track-for-biggest-weekly-fall-since-march/"
category: "Blogs"
categories: ["Blogs", "Energy"]
tags: ["Austria", "BANK", "Brent Crude", "Citi analysts", "economy", "Jamal Khashoggi", "Joe Biden", "Mohammed bin Salman", "New York", "oil", "oil prices", "OPEC", "President", "Riyadh", "Russia", "Saudi Arabia", "UAE", "USA", "Vienna", "Wall Street"]
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format: "news"
language: "en-GB"
---

# Oil on track for biggest weekly fall since March

**Published:** October 5, 2023
**Author:** sharetalk
**Categories:** Blogs, Energy
**Tags:** Austria, BANK, Brent Crude, Citi analysts, economy, Jamal Khashoggi, Joe Biden, Mohammed bin Salman, New York, oil, oil prices, OPEC, President, Riyadh, Russia, Saudi Arabia, UAE, USA, Vienna, Wall Street
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/stencil.default-1-750x406-1.jpg?fit=750%2C406&quality=89&ssl=1)

---

Oil prices are set to experience their most significant weekly drop since March due to a major downturn in financial markets. This downturn is driven by concerns that interest rates might stay high for an extended period.

This week, Brent crude’s price fell by over 11% – a decrease of more than $10, placing it below $85 per barrel.

The last time it was priced this low was in late August, even though it was valued at over $97 just the previous Thursday.

Since mid-June, oil prices have surged by over 25% after Russia and Saudi Arabia started implementing cuts to global oil supplies.

https://twitter.com/Share_Talk/status/1709882019511992341

Nevertheless, the crude price has experienced a sharp fall recently, largely due to growing anxieties about high-interest rates.

Additionally, recent fluctuations in bond and stock markets have raised concerns about global demand.

The rise in US Treasury yields has bolstered the dollar’s value, which means it takes fewer dollars to purchase commodities like oil.

Commenting on the situation, Warren Patterson, the head of commodities strategy at ING, remarked, “The prevailing rates scenario, coupled with the strength of the USD, has introduced even stronger challenges to the market.”

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