DUBAI — While oil prices rose above $75 a barrel on Friday, they’re facing a four-quarter decline. The impact is exacerbated by worries over an economic slowdown, slowing but still high inflation and declining fuel demand.
Benchmark Brent Crude futures for September were up 82 cents or 1.1% at $75.33 a barrel, according to Reuters on Friday. The less-traded front-month contract expiring Friday was up 52 cents at $74.86 a barrel.
The contract was on its way to a 6% decline in three months until the end of June, when prices saw a fourth straight quarterly dip. The shift is due to a combined effect of rising interest rates in major economies, inflationary impacts and the slower-than-expected recovery of Chinese manufacturing and consumption in recent months.
Earlier this month, Saudi Arabia’s Crown Prince Mohammed bin Salman held a phone call with Russian President Vladimir Putin to discuss increasing economic ties as well as balancing oil demand and prices. In the ministerial meeting of the Organization of the Petroleum Exporting Countries' (OPEC+) earlier this month, Saudi Arabia extend its voluntary 500,000 barrels per day (bpd) cut until 2024.
