Trading profits lead to a decline in oil prices

Oil Prices Slide As Traders Take Profits

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Oil prices pulled back slightly after the large jump in oil prices, as traders took profits as is common in oil markets.

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Although fears of a global economic slowdown are weighing on oil prices, banks are betting on triple-digit oil prices.

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An energy crunch that began last year is contributing to fears of a deep recession in Europe, preventing oil prices from rising too high.

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Despite banks' latest price forecasts, most of which see Brent returning to the three-digit territory before the end of the year, many see demand destruction imminent.

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Oil prices are palpably higher than a week ago, with Brent at over $97 per barrel and West Texas Intermediate at close to $92.

OPEC+ cuts are bullish for crude, although some note that international markets are still uncertain.

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