A Plethora Of Bearish Factors Push Oil Prices Down

On Thursday, US benchmark West Texas Intermediate crude oil prices experienced a 2% decline, reaching a one-week low. The drop then continued on Friday morning. This drop can be attributed to several interconnected factors that impact supply and demand including inflation, Federal Reserve policy, the US debt ceiling, OPEC+ projections, and inventories. US Debt Ceiling Standoff Raises Concerns of a Potential Recession One significant factor contributing to the decline in oil prices is the political standoff over the US debt ceiling. This standoff…