Oil prices were mixed today as today’s GDP numbers indicated the US is officially in a technical recession. Recession and demand concerns have been weighing on crude prices for the last few weeks. The US economy \u201cunexpectedly\u201d contracted in the second quarter of this year in tandem with a weaker-than-expected jobs report. “When we look at recessionary numbers, if it is a slowdown at this point, it’s a minor slowdown,” said Phil Flynn, an analyst at Price Futures Group. “If you look at demand and supply numbers for oil, we’re well below average on supply and demand is holding up better than anticipated.” Oil executives this week cited a lack of fracking equipment and crews which could slow US crude oil production growth. WTI traded down $.84 or -.86% to close at $96.42. Brent traded up $.52 or .49% to close at $107.14.<\/p>\n\n\n\n
Oil prices were mixed today as today’s GDP numbers indicated the US is officially in a technical recession. Recession and demand concerns have been weighing on crude prices for the last few weeks. The US economy \u201cunexpectedly\u201d contracted in the second quarter of this year in tandem with a weaker-than-expected jobs report. “When we look […]<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-6959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n