Global oil prices have been oscillating between $100 and $105 per barrel and occasionally dropping to just below $100. In June 2022 Brent Crude oil hit $120. The downward pressure on prices is due to a slowly encroaching global recession driven by persistent inflation, which has been eroding oil demands.
There is a corresponding pressure in the opposite direction driven by a world demanding more oil to drive recovery from the Covid economic downturn, and this is directionally pushing prices upwards. Lately, recessionary pressure appears to be gaining traction over economic recovery.
