Sharjah24 – Reuters: Oil prices dropped more than 1% on Thursday in a volatile week as economic concerns and recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Brent crude futures slipped $1.25, or 1.2%, to $106.26 a barrel by 0303 GMT. WTI crude futures fell $1.24, or 1.2%, to $104.47 a barrel.
Oil prices are under pressure this week, along with global financial markets, on jitters over rising interest rates, the strongest U.S. dollar in two decades, concerns over inflation and possible recession. Prolonged COVID-19 lockdowns in world’s top crude importer China have also impacted the market.
U.S. headline CPI for the 12 months to April jumped 8.3%, reaffirming concerns that interest rates will need to rise quickly to tame it.