Oil Falls Over 2% On Demand Fears As Investors Weigh Recession Risk
NDTV
Oil prices dropped over 2 per cent as investors recalibrated assessments of recession risks and fuel demand.
Oil prices continued to pull back on Thursday, dropping more than 2 per cent as investors recalibrated assessments of recession risks and fuel demand amid interest rate hikes in major economies.
U.S. West Texas Intermediate (WTI) crude futures had skidded $2.6, or 2.7 per cent, to $103.46 a barrel. Brent crude futures slid $2.5, or 2.3 per cent, to $109.22 a barrel.
Both benchmarks tumbled by as much as $3 a barrel in the early morning of Asian trading, after plunging around 3 per cent in the previous session. They are at their lowest levels since mid-May.
Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases.
