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Oil prices drop amid recession fears

Oil&Gas Materials 24 June 2022 04:15
Oil prices drop amid recession fears

Oil prices fell on Thursday, weighed by rising fears about a recession, Trend reports citing Xinhua.

The West Texas Intermediate for August delivery lost 1.92 U.S. dollars, or 1.8 percent, to settle at 104.27 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 1.69 dollars, or 1.5 percent, to close at 110.05 dollars a barrel on the London ICE Futures Exchange.

Investors grew fearful that the tightening monetary policy measures implemented by central banks might slow the economy significantly, which could hurt energy demand.

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