Tuesday July 05, 2022

Oil Drops $6 As Recession Fears Deepen Demand Concerns

LONDON: Oil prices dropped $6 on Tuesday as concerns about a possible global recession curtailing demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.

Brent crude was down $6.65, or 5.9%, at $106.85 a barrel by 1,344 GMT, and US West Texas Intermediate (WTI) crude fell $5.65, or 5.2%, to $102.78 a barrel from Friday’s close. There was no WTI settlement on Monday because of a US holiday.

Investors are becoming more concerned as the latest surge in gas and fuel prices adds to worries about the recession

← Back>