Oil prices decline after concern over recession

Oil declines on increasingly rising interest rates, the strongest dollar in over two decades and fear of recession. The latter is particularly due to continued lockdowns in China.

Photo: Jan Unger

Thursday morning, fear of recession weighs heavier on the oil market than supply issues and concerns over the Ukraine war, and crude prices decline as a result, according to news agency Reuters.

A barrel of European benchmark crude Brent costs USD 106.34 Thursday morning against USD 107.38 Wednesday afternoon. Meanwhile, US counterpart West Texas Intermediate trades at USD 104.45 compared to USD 105.14 Wednesday afternoon.

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