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Oil extends losses as recession fears mount

Channel News Asia LogoChannel News Asia1w ago

Oil extends losses as recession fears mount

Quick Summary

TOKYO: Oil prices fell 2 per cent in early trade on Thursday (Jun 23), extending losses from the previous day, as investors worried that aggressive US interest rate hikes could trigger a recession and dent fuel demand.

US West Texas Intermediate (WTI) crude futures fell US$2.39, or 2.3 per cent, to $103.

The US Energy Information Administration said its weekly oil data, which was scheduled for release on Thursday, will be delayed due to systems issues until at least next week.Pressed for time?


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Article Details

Category: Economy

Topics: Rate Barrel Demand Mediacorp Prices Cent Recession Crude Investors Futures Economic

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 08:54:08

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Reading Time: 3 minutes read

Article Length: 450 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 4825

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About Channel News Asia

Main Topics: Economy

Official Website: channelnewsasia.com

Update Frequency: 23 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 1h ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #27

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