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.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In World

Reusing online photos could land you in a lawsuit
Putin says Russia and North Korea will expand bilateral relations - KCNA
Jordan launches probe into oil spill off southern coast
No toxic found for fish die-off in Oder river: Polish minister
Zimbabwe blames measles surge on sect gatherings after 80 children die
1 killed, 1 injured in traffic accident in Croatia
Poland says Oder tests so far not showing poison as cause of fish die-off
Biden calls India an 'indispensable partner' on 75th anniversary of independence
Saudi Aramco reports record-breaking Q2 net profit on high oil prices
Suspect's father refuses to speak about Rushdie attack - Lebanon town mayor

Others Also Read