Crude prices are recording declines in the middle of the trading session of the European session today, Tuesday, the fifth of July (July), with rising concerns about a possible global economic recession after natural gas prices returned to rise strongly today, and thus high expectations of a decline in demand for fuel, as Brent crude trades down by 1.55 %, trading at levels of 111.76 dollars per barrel, while US crude (NYMEX) is trading at levels of 108 dollars per barrel, down by 0.40%.

Some reports talked about its negative expectations for oil prices in the event of a global economic recession, as a report issued by Citibank Group showed that oil prices may reach 65 dollars per barrel by the end of this year if the economic recession continues.

On the other hand, crude prices are affected, Jalal, today’s session, by the strong rise in the US dollar, which exceeds 1% before the opening of the US markets, due to the inverse relationship between the US dollar and commodities.

On the other hand, oil and gas production is expected to decline by 89,000 barrels of oil per day due to the workers’ strike in Norway, which began today, which may cause the equivalent of 6.5% of Norway’s production to be suspended temporarily.

The announcement of the stockpile statement from the American Petroleum Institute will be postponed from today to tomorrow, Wednesday, due to the Independence Day holiday in the United States of America on Monday, while the official reading of stocks from the US Energy Information Administration will be postponed until Thursday.