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Oil prices drop as demand worries persist

Oil&Gas Materials 23 February 2023 04:22 (UTC +04:00)
Oil prices drop as demand worries persist

Oil prices pulled back on Wednesday as traders remained concerned over the prospects of fuel demand, Trend reports citing Xinhua.

The West Texas Intermediate for April delivery dropped 2.41 U.S. dollars, or 3.16 percent, to settle at 73.95 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost 2.45 dollars, or 2.95 percent, to close at 80.6 dollars a barrel on the London ICE Futures Exchange.

"The oil market still has a recession obsession," Phil Flynn, senior market analyst at The PRICE Futures Group, said Wednesday in a note.

"Oil prices have been held back on fears that rising interest rates will cause a recession and reduce demand," he said.

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