Oil prices fall amid concerns about recession

New York, June 23 (Xinhua)-Oil prices fell on Thursday, weighing on growing concerns about a recession.

West Texas Intermediate delivered in August fell US $ 1.92 (1.8%) and settled at $ 104.27 a barrel on the New York Mercantile Exchange. Brent crude oil delivered in August fell $ 1.69 (1.5%) on the London ICE Futures Exchange, closing at $ 110.05 a barrel.

Investors have become afraid that central bank tightening measures could significantly slow the economy and undermine energy demand.

Federal Reserve Chairman Jerome Powell finished his two-day testimony in front of Congress on Thursday. Powell acknowledged the risk of a recession in the United States as the central bank fights inflation by raising interest rates in a hearing held by the US Senate Bank, Housing and Urban Affairs Commission on Wednesday.

Oil prices were also under pressure as the American Petroleum Institute reported late Wednesday that US crude oil inventories had increased by 5.6 million barrels in the week leading up to June 17.

Oil prices fall amid concerns about recession

Source link Oil prices fall amid concerns about recession

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