Oil prices drop amid recession fears

NEW YORK, June 23 (Xinhua) -- Oil prices fell on Thursday, weighed by rising fears about a recession.

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.

U.S. Federal Reserve Chair Jerome Powell on Thursday concluded two days of testimony in front of Congress. At a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, Powell acknowledged the risk of a recession in the United States as the central bank fights inflation by raising interest rates.

Oil prices also came under pressure as the American Petroleum Institute reported late Wednesday that U.S. crude oil stocks increased by 5.6 million barrels during the week ending June 17.

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