Tuesday, May 17, 2022

Oil prices fell by more than one percent

Oil prices fell by more than one percent

Oil prices fell more than 1 percent on Thursday in a volatile week as economic and recession fears hobbled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Brent crude futures fell $1.32, or 1.2 percent, to $106.19 a barrel. West Texas Intermediate crude futures fell $1.52, or 1.4 percent, to $104.19 a barrel.

Oil prices are under pressure this week, along with global financial markets, amid fears of higher interest rates, the strongest US dollar in two decades, and concerns about inflation and a possible recession.

The prolonged shutdown of COVID-19 in China, the world’s largest crude importer, has also affected the market.