Oil extends losses as recession fears mount

The Straits Times LogoThe Straits Times1w ago

Oil extends losses as recession fears mount

Quick Summary

June 23, 2022 9:05 AMTOKYO (REUTERS) - Oil prices fell 2 per cent in early trade on Thursday (June 23), extending losses from the previous day, as investors worried that aggressive US interest rate hikes could trigger a recession and dent fuel demand.

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.

Brent crude futures dropped US$2.24, or 2.0 per cent, to US$109.50 a barrel.

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Article Details

Category: Economy

Topics: Prices Gasoline Federal Rate Recession Investors Demand Barrel 99/month First Cent

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 09:05:03

News Timezone: GMT +8:00

News Source URL:

Language: English

Reading Time: 3 minutes read

Article Length: 460 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 4850

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