Middle East oil prices soar amid Chinese trading frenzy

Yahoo!Finance/OilPrice.com/6-23-2023

“At a time when global recession concerns have depressed global oil prices to pre-Ukraine war levels, prices of Middle Eastern oil have skyrocketed on soaring demand from Asian refiners in China to Japan as the market takes stock of heavy trading by the industry’s biggest names this month.”

USAGOLD note: Depressed energy prices have been the key factor in keeping the headline inflation rate in check. With core inflation still running high at 5.3%, the Fed will be watching closely to see if this trend has staying power.

Chart courtesy of TradingEconomics.com • • • Click to enlarge