Baghdad Oil prices fell more than 1% today, Thursday, during a volatile week, as economic fears of recession roiled global financial markets, outweighing supply concerns and geopolitical tensions in Europe.
Brent crude futures fell $1.25, or 1.2%, to $106.26 a barrel by 04:03 GMT, and West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.
Oil prices are under pressure this week, along with global financial markets amid fears of higher interest rates for the US dollar, which is the strongest in two decades, and concerns about inflation and a possible recession, as the prolonged shutdown of COVID-19 has affected China, the world’s largest importer of crude.
However, supply concerns stemming from the Russian invasion of Ukraine have boosted the market, with prices rising more than 35% so far this year.
The European Union’s suspended embargo on oil from Russia, a major supplier of crude and fuel to the EU countries, could further tighten global supplies, supporting prices.
Source: National Iraqi News Agency